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solved assignments semester 4 Q. Mention any five risk identification methods along with their advantages and disadvantages.


Answer: Methods of Risk Identification
Many methods are used for risk identification. The risk identification method depends on the culture, industry practice and agreements. For example, complete information on the past projects is helpful and this information can be assessed by brainstorming sessions conducted by the respective project team. Team members who have experience working on the past projects can identify the risks, which in turn provide an opportunity to buil
d ideas. Technical expertise and personal contacts help to identify the risks successfully. In addition, personal interview provides a way for open communication to build trust, which is essential for risk identification. Risk identification requires input from the entire project team as well as the others outside the project team.

In order to have desired outcome, you must select the participants who have knowledge about the topics discussed, able to provide relevant documents. You must select a person who knows the risk process very well and has the capacity to lead the group.
  
The risk identification must be a continuous process as sources of information changes frequently and the new information becomes available.

The risk identification method adopted by you must identify the root cause of risk, which can be undesirable events or things that produce the negative impacts on the project of each such event. The method must also be able to identify all possible modes by which a project might fail to perform.

Risk identification must be executed early in the project and must be an ongoing process until the project is complete. As the project enters into the new phase of a project life-cycle and as the new project members bring different viewpoint to risk identification, the process of risk identification must be continuous. The project manager must ensure that risk management plan provides for periodic updates. 

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