Methods for identifying risks.
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.
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. |