Tools for identifying risks

Question 1

What phrase can help in identifying risks?

Answer 1

The phrase is: “Because of a cause, a risk might occur, which would lead to one or more effects.”

Because stakeholder Joe demanded new capabilities, more work might occur, which would lead to cost and schedule overruns.

Question 2

Why is it beneficial to make risks specific and trackable?

Answer 2

It allows project managers to assign a number to the risk and record it for monitoring.

Question 3

What is one common method for identifying risks?

Answer 3

Data gathering is one of the most common methods for identifying risks.

Question 4

What methods are used for data gathering?

Answer 4

• Brainstorming: ather ideas without judgement
• Delphi: gathering anonymous information to minimise the influence of dominant stakeholders
• Checklists: Historical data (OPAs)

Question 5

How can templates from previous projects assist in risk identification?

Answer 5

They provide examples of risks that have been encountered in similar projects, which can be reused.

Question 6

What is data analysis in risk management?

Answer 6

Data analysis is a formal method of gathering information, focusing on assumptions and constraints.

Involves assumptions and constraint analysis
Document analysis
SWOT

Question 7

How can SWOT analysis be useful in risk identification?

Answer 7

It helps project managers keep an open mind and identify risks that may not be immediately obvious.

Question 8

What is a risk breakdown structure (RBS)?

Answer 8

An RBS is a tool that identifies and classifies risks similarly to a work breakdown structure, allowing for organized discussion.

Question 9

Why is discussing risks by topic beneficial?

Answer 9

It helps ensure that no risks are overlooked and allows for focused discussions.

Question 10

What is a cause and effect diagram?

Answer 10

Also known as an Ishikawa diagram, it visually illustrates causes and effects to clarify problems.

Question 11

How can reviewing the work breakdown structure (WBS) help in risk identification?

Answer 11

By examining each activity in the WBS, project managers can identify potential risks associated with each task.

Question 12

Why is it important to have a long list of identified risks?

Answer 12

A comprehensive list ensures that project managers are prepared for various challenges that may arise.

Question 13

What role do questionnaires play in risk identification?

Answer 13

Questionnaires are a formal tool that can stimulate creativity and gather insights from stakeholders.

Question 14

How can historical information assist in identifying risks?

Answer 14

Historical data from similar projects can provide insights into risks that have been encountered before.