Methods for identifying risks.

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1. List and briefly describe four methods for identifying risks.

2. Create a risk register using the . Identify at least three risks. Enter a risk number, rank, description, potential response and impact for each risk identified.

 

Sample Solution

1. Four Methods for Identifying Risks:

  • Brainstorming: A collaborative session where team members freely share potential risks associated with a project or situation.
  • SWOT Analysis: Evaluates Strengths, Weaknesses, Opportunities, and Threats to identify internal and external factors that might pose risks.
  • Checklist Approach: Utilizes pre-defined lists of potential risks relevant to the specific project or industry.
  • Scenario Planning: Explores different future possibilities, including negative scenarios, to identify potential risks associated with each outcome.

2. Risk Register (Example)

Risk Number Risk Rank (High, Medium, Low) Description Potential Response Impact
1 High Project Delay: Delays in obtaining necessary permits or materials could push the project timeline back. Expedite permit approvals, explore alternative material sources, implement a contingency plan with buffer time. Missed deadline, increased costs, customer dissatisfaction.
2 Medium Employee Turnover: Key personnel leaving the project could lead to knowledge gaps and disruption in workflow. Develop a knowledge transfer plan, offer competitive compensation and benefits, foster a positive work environment. Project delays, decreased efficiency, rework due to knowledge gaps.
3 Low Technical Issues: Unexpected software or hardware malfunctions could hinder project progress. Regular system backups, implement disaster recovery plan, maintain software updates, test functionality thoroughly.

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