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Risk Identification

5 minutes 5 Questions

Risk Identification is the initial step in Agile Risk Management. It involves identifying potential risks that could potentially impact the project in a negative way. In Agile projects, the entire team is involved in the risk identification process, using techniques such as brainstorming, checklists, and risk profiling. It is critical to identify risks as early as possible in a project, as they can impact cost, schedule, and quality. The key output of this stage is a list of identified risks that are then further analysed and prioritised.

Guide to Risk Identification in Agile Risk Management

Risk Identification is a crucial aspect of Agile Risk Management in PMI-ACP. Its main objective is to identify potential risks early in the project lifecycle, so as to avoid negative impact on the project's objectives. The identification of risks, both positive (opportunities) and negative (threats), is done continuously and collaboratively by the whole team.

Its importance lies in providing foresight into what could possibly go wrong and in turn, facilitate proactive preventive or mitigation actions.

Risk Identification works in a variety of ways: brainstorming sessions, retrospective meetings, checklist analysis, assumptions analysis, and more. The identified risks are then logged into a risk register for evaluation and prioritization.

Exam Tips: When answering questions about Risk Identification, it's important to:
1. Understand the underlying principles of Risk Management and specific techniques involved in identifying risks.
2. Emphasize on the iterative and continuous nature of Risk Identification in Agile.
3. Don't confuse Risk Identification with Risk Evaluation or Risk Response - remember, identification is the first stage.
4. Use specific examples as much as possible, understand the context of the question.

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PMI-ACP - Agile Risk Management Example Questions

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Question 1

You are managing a digital transformation project for a government agency. During a brainstorming session with your team, you've identified a potential risk of cybersecurity breaches due to outdated security protocols. Which risk identification method stands out in this case?

Correct Answer: Brainstorming

The risk identification method that stands out in this situation is Brainstorming. During the brainstorming session, the team identified a potential risk of cybersecurity breaches due to outdated security protocols. Thus, it is the method that is being applied in this scenario. The other methods given as options - Interviews, What-if analysis, and Delphi Technique - albeit effective in fact-finding and risk identification, are not cited in this case. They might be used at other stages or contexts in the project. The Interviews method involves one-on-one discussions with project participants, stakeholders or subject matter experts. The What-if analysis is a systematic exploration of possible outcomes for a set of assumptions. The Delphi technique is a structured communication method originally based on a panel of experts.

Question 2

During a risk identification process for a new vaccine development project, several stakeholders have suggested different methods to identify potential risks. What is considered the most appropriate technique according to PMI's Risk Management Practice standards?

Correct Answer: Using multiple risk identification techniques in combination

According to PMI's Risk Management Practice standards, using multiple risk identification techniques in combination is the most effective approach for several reasons: 1. Complex projects like vaccine development have diverse risk types that may not be captured by a single method 2. Different stakeholders respond better to different identification techniques 3. Using multiple methods provides cross-validation and helps ensure comprehensive risk identification 4. Combining methods compensates for the limitations of individual techniques Why other approaches are insufficient: Statistical analysis of past data alone may miss new or unique risks specific to the current project. Individual interviews, while valuable, can be time-consuming and may not capture group dynamics or collaborative insights. Structured checklists from previous projects are helpful but may miss new risks and can create a false sense of security by focusing only on known past risks.

Question 3

What is the primary benefit of using mixed-method risk identification during complex project assessment?

Correct Answer: It provides diverse perspectives and enhances risk coverage through multiple techniques

The primary benefit of mixed-method risk identification is providing diverse perspectives and enhancing risk coverage through multiple techniques. This is the most comprehensive answer because: 1. It acknowledges the value of multiple viewpoints in risk assessment 2. It recognizes that different techniques can complement each other 3. It emphasizes the improved coverage of potential risks The other options are incorrect because: Speed increase is not the main benefit of mixed methods - in fact, using multiple methods often takes more time but provides better quality results. Establishing a comprehensive database is a potential outcome but not the primary benefit of using mixed methods. Focusing on specific risk areas while maintaining alignment is more about risk prioritization than the benefits of using mixed methods. The key advantage is the combination of different perspectives and techniques that leads to better risk identification and assessment, making this approach more thorough and reliable for complex projects.

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