How to Identify Project Risk

Identify Project Risk
Identify Project Risk (Image: Stock Xchng)

As a good project manager, you should be able to identify the project risks before you begin a project. Identifying the project risks can determine how smoothly your project goes. Before beginning a project, a project manager should take a look at risks that the project poses, so that he can plan how to intervene or solve those risks to the benefit of all of those involved.

Identify any risks that may occur due to the choice of project manager. These risks could range from salary requirements to losing the project manager from other tasks that were taking place. The project manager should be confident in heading the entire project and should be notified about the risks surrounding her.

Examine the plan or the scope for the project. Identify short term tasks that may cause risks, as well as long term tasks. Each type of task may present its own specific sets of risks. Put a business plan in place to properly assess all project risks involved. Identify how many people it will take and the financial strain it might cause, as well as any changes that will need to take place to complete the project, such as longer hours.

Identify the impact the project will have on the general business of the company. Is there a risk of losing too many resources to the project? Will it change office policy? Also, will extra training need to be instituted that will cost the company more money?

Take a look at the financial impact of completing the project. You'll need to have a budget in place or complete a budget before being able to assess the financial impact of the project. This budget can be a road map identifying financial risks for the project. Take into account the hours necessary and the company resources that you'll need to employ and get a rough number to use to decide if the project is worth doing. If the monetary risk is too high, the project may be scrapped.

Identify the structural aspects of the project and what risks they might pose. You may want to take a look at vendors and suppliers, and why working with them may pose a risk. You'll also need to delegate tasks among your employees, and examine how that might impact business in general.

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