Identify and analyze project risks.

Refer to the Risk Management process area for more information about risk management activities.

Refer to the Monitor Project Risks specific practice in the Project Monitoring and Control process area for more information about risk monitoring activities.

Risks are identified or discovered and analyzed to support project planning. This specific practice should be extended to all the plans that affect the project to ensure that the appropriate interfacing is taking place between all relevant stakeholders on identified risks. Project planning risk identification and analysis typically include the following:

·   Identifying risks

·   Analyzing the risks to determine the impact, probability of occurrence, and time frame in which problems are likely to occur

·   Prioritizing risks

Typical Work Products

1.    Identified risks

2.    Risk impacts and probability of occurrence

3.    Risk priorities

Subpractices

1.    Identify risks.

The identification of risks involves the identification of potential issues, hazards, threats, vulnerabilities, and so on that could negatively affect work efforts and plans. Risks must be identified and described in an understandable way before they can be analyzed. When identifying risks, it is a good idea to use a standard method for defining risks. Risk identification and analysis tools can be used to help identify possible problems.

2.    Document the risks.

3.    Review and obtain agreement with relevant stakeholders on the completeness and correctness of the documented risks.

4.    Revise the risks as appropriate.