Risk members will involve for risk identification. Risk can

Risk and Uncertainty Identification

Risk and
uncertainty identification is done through method of finding actual risks
linked with a business. All of the stakeholders and experts from outside the
business/company can identify risks and uncertainty.  More often core team start the process of
identification and after that other team members will involve for risk
identification. Risk can be analysed or managed only after identifying realistic
possibilities. The techniques used in risk identification varies upon the
nature of the business. However, experts used a combination of some tools and
techniques are used. Following are the some of techniques used in identification
of risk and uncertainty.

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1.      
Documentation Review

Review of the
documents that contain resource plan or procurement plan may point out inadequacy
and weaknesses in a business or project’s productivity. Assessment of
organisation’s documents and project’s strategy may clarify and explain the
potential disconnects between organisation’s purpose and of projects.

2.      
Information Gathering
Techniques

Useful
techniques in identification of risk are analogy comparison, interview of
experts, the Delphi technique, Crawford slip method, brainstorming and root cause
identification analysis. Purpose of this is gather clear and comprehensive
statements defining project’s risks.

3.      
Checklists

The main focus
and purpose of any business is to achieve the specified goals. There is need to
identify the events that can occur and threaten goals of project, for the
identification it is necessary to scrutinise the project systematically.  

4.      
Assumptions Analysis

Assumption
analysis is a document of assumptions more often motivates project teams
towards a clearer prospect of risks that can occur in a project. Project’s
validity is dependent upon the validity of the assumptions. This analysis
states that where the information gathered on risk analysis is valid and where
it is based on uncertainty.

5.      
Diagramming Techniques

Diagramming
technique is used to obtain insight which are not accessible on raw project
data. Cause and effect diagram, network diagram, influence diagram, force field
charts and flowcharts are all used to get insight which is based upon liaison
that are not evident readily otherwise.