Risk Identification


Once the commitment has been obtained and preparations have been made, the next step entails identifying the various risks to the project. Both threats and opportunities must be identified. When identifying threats to a project, they must be identified clearly so that the true problem, not just a symptom, is addressed. Moreover, the causes and effects of each risk must be understood so that effective strategies and responses can be made. A framework for understanding the sources and nature of IT project risks will be introduced in the next section; however, it important to keep in mind that project risks are rarely isolated. Risks tend to be interrelated and affect the project and its stakeholders differently.

Seven steps for managing IT project risk

1) Risk Planning.

2) Risk Identification.

3) Risk Assessment.

4) Risk Strategies

5) Risk Monitoring and Control

6) Risk Response

7) Risk Evaluation.