Risk and Uncertainty IdentificationRisk anduncertainty identification is done through method of finding actual riskslinked with a business. All of the stakeholders and experts from outside thebusiness/company can identify risks and uncertainty. More often core team start the process ofidentification and after that other team members will involve for riskidentification. Risk can be analysed or managed only after identifying realisticpossibilities. The techniques used in risk identification varies upon thenature of the business.
However, experts used a combination of some tools andtechniques are used. Following are the some of techniques used in identificationof risk and uncertainty. 1. Documentation ReviewReview of thedocuments that contain resource plan or procurement plan may point out inadequacyand weaknesses in a business or project’s productivity. Assessment oforganisation’s documents and project’s strategy may clarify and explain thepotential disconnects between organisation’s purpose and of projects.
2. Information GatheringTechniquesUsefultechniques in identification of risk are analogy comparison, interview ofexperts, the Delphi technique, Crawford slip method, brainstorming and root causeidentification analysis. Purpose of this is gather clear and comprehensivestatements defining project’s risks. 3. ChecklistsThe main focusand purpose of any business is to achieve the specified goals. There is need toidentify the events that can occur and threaten goals of project, for theidentification it is necessary to scrutinise the project systematically.
4. Assumptions AnalysisAssumptionanalysis is a document of assumptions more often motivates project teamstowards a clearer prospect of risks that can occur in a project. Project’svalidity is dependent upon the validity of the assumptions. This analysisstates that where the information gathered on risk analysis is valid and whereit is based on uncertainty.5.
Diagramming TechniquesDiagrammingtechnique is used to obtain insight which are not accessible on raw projectdata. Cause and effect diagram, network diagram, influence diagram, force fieldcharts and flowcharts are all used to get insight which is based upon liaisonthat are not evident readily otherwise.