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To identify risks, you need to gather risk related information. Following are some of the information gathering techniques used in risk identification:
• Brainstorming - The goal here is to get a comprehensive list of potential risks so that no risk goes unidentified. The project team, along with relevant experts from different disciplines, can participate in the brainstorming session. Brainstorming is better performed under the guidance of a facilitator or a moderator. You can use the categories of risks or the RBS as a framework to keep the session focused on the issue.
• Delphi technique - The goal here is for experts to reach a consensus without biases toward each other. I'm sure you will have no problem recalling a time when a decision was made because somebody (usually higher in the management hierarchy) said so. Contrary to this, the Delphi technique is used to ensure that it is the quality of the information and the argument that are important, not who is saying them. It is more or less like a democracy wherein a person putting forth an argument has to convince everyone rather than expect them to nod their heads because he/she is the boss. A facilitator circulates a questionnaire among the experts to solicit ideas about the risks of the given project. The experts respond anonymously. The responses are compiled and circulated among the participating experts for further evaluation without attaching a name to a response. It might take a few iterations before a general consensus is reached.
• Interviewing - This is one of the common methods used for information gathering for risk identification. You interview the appropriate stakeholders and subject-matter experts to gather information that will help identify risks for the project at hand.
• Root cause identification - A powerful way to identify risk is to look for anything in the project that might generate a risk. In other words, if you can spot a potential cause for risks, it's simple to identify the risks resulting from that cause. Furthermore, if you know the cause of a risk, it helps to plan an effective response. You can also look for risks at the opposite side of causes that is, impacts.
• SWOT analysis - While root cause identification techniques look into the causes of risks to identify risks, a SWOT analysis looks at the potential impacts of risks to identify risks. If you examine the strengths, weaknesses, opportunities, and threats (SWOT) of a given project, you will be exposing the risks involved. Remember that a strength is an opportunity, a weakness is a threat, and opportunities and threats are posed by risks. This helps broaden the spectrum of risks considered. For example, a strength of your project might be that most of its parts are well understood from previously executed similar projects. Therefore, the risks involved in those parts will be easy to identify. A weakness of your project might be that one of the parts involves new technology that is not well-tested. So, this is a source of unknown risks. An opportunity might be that your organization will be the first one to take this product to market. An example of a threat might be that the government is considering a bill that, if it becomes a law, will have profound implications for your project.
Some common information-gathering techniques used in risk identification include brainstorming sessions, interviewing stakeholders, conducting risk surveys or questionnaires, reviewing historical project data or lessons learned, using checklists or templates, and analyzing documentation such as project plans or requirements. These techniques help to systematically collect information about potential risks that could impact a project.
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