Identify Risks Process

when welcome to BMG lounge dot-com today we are discussing the topic identify wrists now this is a process in the risk management knowledge area as always if you are interested in to reading articles rather than watching videos first thing in the description is going to take you to a relevant article on this topic over at our official website PNC launch dot-com also second link in the description is going to take you to an entire playlist of every single video that we have done on risk management knowledge areas so two important links in the description check them out let's get started so first of all where are we this is the second process in the risk management knowledge area which is identify risks of course let's take a look at the pgk a mapping so that it's clearer this is where identify risks fall under the project risk management knowledge area and the planning process group as you can see there are a lot of processes in the risk management knowledge area and this is one of the most important knowledge areas as always second link in the description is going to take you to a playlist of risk management knowledge area it will have every single video that you need so check that out all right so how do you go about identifying risks first of all as the name suggests this process is all about determining which risks may affect the project now when you are determining this the effect on the project can be negative as well as positive remember that positive risks are known as opportunities we have already discussed that earlier now while you're identifying risk you should not worry about how unlikely the risk probability is or how neither its impact will be very very important thing so you're noting down all these risks that you can think of you're noting down all the risks that your project team can think of and you come across a risk which is very very unlikely to appear or unlikely to occur rather so if there's a risk which is very unlikely to occur you are still going to note it down you're still going to jot it down if there's a risk that when it materializes its impact is going to be very very less negligible you will still note that risk down you will still jot it down and why you're doing so this is an exercise for later so we'll cover that later not in this video but in another video but for now you should understand that no matter how unlikely the probability of a risk is or how meager its impact is going to be if a risk materializes you are still going to note all the risks down okay now that you have a fair idea of the identified risks process let's get down to the inputs tools and techniques and outputs for this process now if you've been following BNC lounge comm you already know that we don't really cover inputs tools and techniques and outputs for all the processes we only cover new concepts that the ITT o introduces as part of any of the process as far as inputs are concerned for this process the identify risk nothing new is introduced so we leave it to you you can do a single reading and you're already aware of all the inputs mentioned for this process tools and techniques is what we are going to cover as part of this video so stay tuned for that output actually the only important output of this process is the risk register and it deserves a separate video on its own so we will cover that in the separate video second link in the description the entire playlist of risk management knowledge area you'll find the video of a risk register there so let's get down to the tools and techniques of identify risks process number one is information gathering techniques and there are several concepts are several techniques that can come into the umbrella of information gathering so the first step towards identifying risks is to gather as much risk related information from the team as possible now you can do so by making use of these information gathering techniques some of these are brainstorming interviews Delfy technique we have already covered these concepts in the past so I will find relevant videos where we cover these and we'll add the link to those videos in the description below check them out one other information gathering technique is known as root cause identification or RC a root cause analysis so this technique lays the importance of going down to the root of risk because when you go to the root of the risk you will also be able to uncover that this root cause is the reason for several other risks in your project for example let's say you have a risk of missing decoding ended milestone when you go to the root cause which is open defects you will find out that these opened effects are actually giving rise to several other risks like you need to meet the coding end date for an interpretive dependency as well now in addition to missing your end date you are also in the risk of missing the end date of the project itself so open defects the root cause of the risk is actually the root cause of some other risks as well inter project dependencies project ended missing the project end date so if you see that the coding end date might be missed you already know that there are two other risks that could materialize which is in the project dependency and project end date if you're looking for all of our PMP courseware the articles and videos head over to PMC lounge dot-com / PMP training all of it is absolutely free some other tools and techniques of this process our documentation reviews which means you take a look at the project plans the OPA is requirement documentation in every other relevant artifact that you can possibly use to find rest so you go over all the documentation of the project that you have second is assumption analysis so assumptions are by nature ambiguous so it is very important to go over the project's assumptions and ensure everyone is on the same page with those assumptions they are not ambiguous wrong assumptions are a definite source of risk another one is checklist analysis so do you remember the risk breakdown structure something we discussed in our previous video it is possible it is possibly the best place to start off with checklist analysis if there are any other checklists that you have as part of your project take a look at them again just to ensure you aren't missing out on any of the project risks so these three very very important these are also some of the tools and techniques of identifying risk documentation reviews assumption analysis and checklist analysis SWOT analysis another important tool so I talked about how positive risks are opportunities how about you go over the strengths of the project and the project team to find out some opportunities that your project may have right so while you are identifying risks why not also identify the opportunities that you your project can cash on you will be able to uncover more risks once you go over the weaknesses obviously when you're doing SWOT analysis so SWOT analysis is a well-rounded tool for unwrapping project risks be it positive or negative risks now I know you might be thinking isn't this too much you are going over the entire project documentation you are going over these SWOT analysis and you are applying all other tools and techniques just to identify risk and remember in the beginning I said even if the probability of the risk is very small even if the impact of the risk if it materializes is very small you should still document those risks so isn't this too much yes you might have noticed by now that we are going the extra mile to ensure all possible risks are uncovered why we are doing so because the more you know about risk associated with the project the better off you are going to be in the long run now there are some other tools as well that can come in handy we talked about the seven basic quality tools in the past two of them specifically the fishbone diagram and flowcharts they can be used to identify risks as well finally do not forget the experts because expert judgment that is also an important tool when it comes to identifying risks speak to the experts let them know about your project and have them come up with some of the risks we have already discussed fishbone diagram we have already discussed flowcharts we have also declare discussed expert judgment I'll share links to three videos in the description below so that you can go over these concepts if required question for the day where are all these wrists finally documented remember I mentioned previously in this video as well the most important output of this process that is where all these risks are finally documented do you remember that let me know in the comments looking forward to your answers and that's all that we had in this video hope you were able to understand the identify risks process as well as the two things used to identify risks subscribe to the channel and hit the bell I can to stay notified whenever we upload new content and smash that like button if you got value out of this video don't forget to check out the website BMC lounge comm your number one free PMP resource

Channel: PMC Lounge

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Keywords: project management tutorial, project management fundamentals, project management professional pmp video training, project management lecture, project management basics, project management body of knowledge, pmp exam, pmp certificate, pmi pmp, pmp project management, how to identify risks, identify risks, identify risks process, how to identify risks in a project, risk management pmp, risk management pmp questions, pmp risk management questions rita, risk management in pmp

Id: a0pAWPrKiGk

Length: 11min 17sec (677 seconds)

Published: Thu Nov 14 2019