Guide to Risk Identification for PMP Exam
Risk Identification is a critical step in the project risk management process as per the PMBOK Guide Seventh Edition.
Why is it important?
Knowing potential risks allows for the design and implementation of effective risk response strategies, thus minimally impacting project objectives.
What is it?
Risk Identification involves determining which risks might affect the project and documenting their characteristics.
How it works?
During this phase, stakeholders are interviewed, risk checklists are used, and influence diagrams or SWOT analysis may be conducted to dig out as many risks as possible.
How to answer questions on Risk Identification in an exam?
Read the question carefully to determine whether it pertains to risk identification, examination or response strategy. Correct responses usually involve selecting practices that maximize the identification of potential risks.
Exam Tips: Answering Questions on Risk Identification
1. Understand the differences between unidentified and identified risks.
2. Learn about proactive risk management practices like early identification.
3. Be aware that risk identification should be performed throughout the project lifecycle.
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Risk Identification practice test
Risk Identification is the process of discovering, recognizing, and describing the risks that could have an impact on project objectives. This process involves the collection of information from various sources, including team members, stakeholders, historical projects, industry reports, and other documents, to identify uncertainties related to the project. This step is crucial, as the risks identified here can be further analyzed, prioritized and managed. Techniques often utilized in risk identification include brainstorming sessions, expert interviews, Delphi technique, SWOT analysis, checklist analysis, and assumptions analysis. The output of this process is a comprehensive list of risks recorded in the risk register.
Time: 5 minutes Questions: 5
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Go Premium
Project Management Professional Preparation Package (2024)
- Earn 35 PDUs needed for your PMP certification
- 10107 Superior-grade Project Management Professional practice questions.
- Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
- Unlock Effortless PMP preparation: 5 full exams.
- 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
- bonus: If you upgrade now you get upgraded access to all courses