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11 - PROJECT RISK MANAGEMENT

Participants in risk identification activities may include the following: project manager, project team members,
risk management team (if assigned), customers, subject matter experts from outside the project team, end
users, other project managers, stakeholders, and risk management experts. While these personnel are often key
participants for risk identification, all project personnel should be encouraged to identify potential risks.

Identify risks is an iterative process, because new risks may evolve or become known as the project progresses
through its life cycle. The frequency of iteration and participation in each cycle will vary by situation. The format of
the risk statements should be consistent to ensure that each risk is understood clearly and unambiguously in order
to support effective analysis and response development. The risk statement should support the ability to compare
the relative effect of one risk against others on the project. The process should involve the project team so they can
develop and maintain a sense of ownership and responsibility for the risks and associated risk response actions.
Stakeholders outside the project team may provide additional objective information.

11.2.1 Identify risks: Inputs

11.2.1.1 risk Management Plan 11

Described in Section 11.1.3.1. Key elements of the risk management plan that contribute to the Identify Risks
process are the assignments of roles and responsibilities, provision for risk management activities in the budget
and schedule, and categories of risk, which are sometimes expressed as a risk breakdown structure (Figure 11-4).

11.2.1.2 cost Management Plan

Described in Section 7.1.3.1. The cost management plan provides processes and controls that can be used to
help identify risks across the project.

11.2.1.3 Schedule Management Plan

Described in Section 6.1.3.1. The schedule management plan provides insight to project time/schedule
objectives and expectations which may be impacted by risks (known and unknown).

11.2.1.4 Quality Management Plan

Described in Section 8.1.3.1. The quality management plan provides a baseline of quality measures and metrics
for use in identifying risks.

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