Answer to Question #179209 in Management for Ngwane

Question

Risk identification and mitigation throughout the lifecycle of the project was necessary. Critically discuss the theory associated with lifecycle phase risk identification and how it relates to the project. 

Answer 1

Risk identification is the process of determining what can happen to the project, why, and how it will happen. Risk identification aims to generate a list of events and apparent causes and scenarios.

The checklist is the most commonly used approach to explain the risk identification process in the project lifecycle. However, a checklist should be structured around the desirable risk classification taxonomy. Additionally, a checklist tent provides a limited impression of the project and may lead to the identification of unexpected threats. The checklist can be used by individuals project, a group, or as an interviewing aid. Furthermore, project managers can generate a checklist based on the historical information on and knowledge collected from the previous similar project and other sources of information.