Risk Identification and Classification


Risk management is performed in detail—both quantitatively and financially during the detailed planning phase. However, the process of risk identification and management should begin AS SOON AS POSSIBLE, so that the findings can be taken into account when generating the project’s work plan and budget estimates and when deciding whether to approve the project or not.
Risk identification must be undertaken by project stakeholders, in cooperation with professional and managerial authorities from various disciplines, in order to ensure that the entire range of potentially detrimental events, is taken into account. This process should be based on both previous experience and the specific project’s data.
In this lesson, we’ll learn what TRUE RISKS are and how to identify and classify them, and introduced a special technique for identifying risks.

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