The Identify Risks process' main objective is to identify and determine the potential risks that may affect the project. It may be either positively or negatively. Although the term "risk" usually carries a negative connotation, it can have positive implications as well.
This process is part of the risk management knowledge area and planning process group. It produces two critical outputs, including the risk register, which contains all identified risks and related information and the risk reports, which summarize the project risks.
Several inputs are necessary to identify risks in a project. The Project Management Plan, including the risk management plan, the scope baseline, cost baseline, and schedule baseline, provides guidance on identifying risks. Other essential inputs include the assumptions log, cost estimates, duration estimates, issue log, lessons learned register, requirements documentation, resource requirements, stakeholder register, procurement documentation, agreements, organizational process assets, and enterprise environmental factors.
To facilitate the process of identifying risks, various tools and techniques are utilized, including brainstorming, checklist creation, interviews, root cause analysis, assumptions and constraints analysis, SWOT analysis, document analysis, facilitation, and prompt lists.
By effectively identifying and managing risks, project managers can increase the likelihood of project success while minimizing negative outcomes.