Views: 206 , Downloads: 144 | CTR: 70 % | Weekly Hits: ⮙4
Research Paper | Management | Sierra Leone | Volume 9 Issue 2, February 2020
The Essence of Risk Identification in Project Risk Management: An Overview
Crispin George
Risk identification is a challenging process in the management of project risks. Most project managers tend to spend less time in identifying risks and more time in risk mitigation, ignoring the fact that unidentified risks cannot be mitigated. However, it is worth noting that risk identification forms the bedrock in the development of a suitable risk management plan. Once, the risk is identified proper planning process can be instituted to address it. The identification and management of risks can be a daunting task that requires the support of all project stakeholders. Moreover, the project manager does not have monopoly of knowledge and as such requires significant inputs from other stakeholders especially in identifying project risks. This paper delves into the meaning of risk, its significance and how it can be efficiently managed by the project team. In addition, it covers the techniques used to gather risk information, essence of the project risk register and categorization, analysis, response and monitoring of project risk. Considering the fact that a project is a risky venture; there is absolute need for the project manager and team to plan for it. Risks are uncertainties, that may or may not occur; but if it occurs and there is no plan to address it, can mess up the work of the project manager and thus, resulting in project failure. The planning for risks is inevitable in project management and as such should not be treated with levity. The rationale for having an effective risk management plan are thus; prevent waste of project resources, prevent the project from failing, timely delivering of the project, ability to meet client’s requirements, serves as a source of learning for future projects.
Keywords: Risk management, Risk response, Risk mitigation, Risk planning, Risk register, Risk Monitoring
Edition: Volume 9 Issue 2, February 2020
Pages: 973 - 978
How to Cite this Article?
Crispin George, "The Essence of Risk Identification in Project Risk Management: An Overview", International Journal of Science and Research (IJSR), https://www.ijsr.net/search_index_results_paperid.php?id=SR20215023033, Volume 9 Issue 2, February 2020, 973 - 978
206 PDF Views | 144 PDF Downloads
Click below to Watch Video Lecture of Above Article
Similar Articles with Keyword 'Risk management'
Views: 206 , Downloads: 144 | CTR: 70 % | Weekly Hits: ⮙4
Research Paper, Management, Sierra Leone, Volume 9 Issue 2, February 2020
Pages: 973 - 978The Essence of Risk Identification in Project Risk Management: An Overview
Crispin George
Views: 159 , Downloads: 118 | CTR: 74 % | Weekly Hits: ⮙3
Research Paper, Management, Kenya, Volume 3 Issue 5, May 2014
Pages: 1823 - 1828An Assessment of Financial Risk on Growth of Private Middle Level Colleges in Kenya: A Case Study of Nakuru Town
Gichuki S. Njuguna, Kwasira Josephat, Kalio, A
Views: 161 , Downloads: 119 | CTR: 74 % | Weekly Hits: ⮙5
Research Paper, Management, India, Volume 3 Issue 12, December 2014
Pages: 843 - 847Assessment of Stress Management, Risk Management & Security Management in Events
Ashlesha M. Tambde, Nikhil A. Maske
Views: 157 , Downloads: 126 | CTR: 80 % | Weekly Hits: ⮙4
Research Paper, Management, Indonesia, Volume 6 Issue 4, April 2017
Pages: 1587 - 1590The Implementation of Risk Management in the Internal Audit Planning in the Ministry of Energy and Mineral Resources
Purwanto, D. S. Priyarsono, Sri Hartoyo
Views: 176 , Downloads: 126 | CTR: 72 % | Weekly Hits: ⮙3
Research Paper, Management, Rwanda, Volume 8 Issue 5, May 2019
Pages: 1893 - 1897Risk Management and Financial Performance of Financial Institutions in Rwanda; A Case Study of Urwego Bank PLC
Alice Gasatura, Dr. Patrick Mulyungi
Similar Articles with Keyword 'Risk response'
Views: 206 , Downloads: 144 | CTR: 70 % | Weekly Hits: ⮙4
Research Paper, Management, Sierra Leone, Volume 9 Issue 2, February 2020
Pages: 973 - 978The Essence of Risk Identification in Project Risk Management: An Overview
Crispin George
Views: 259 , Downloads: 246 | CTR: 95 % | Weekly Hits: ⮙2
Research Paper, Management, Uganda, Volume 9 Issue 3, March 2020
Pages: 12 - 24Risk Management and Performance of Health Supply Chain Projects in Uganda. The Case of Uganda Health Supply Chain Project
John Hans Wasswa, Rose Kwatampora, Godfrey Bwanika, Angella Namulindwa
Similar Articles with Keyword 'Risk mitigation'
Views: 206 , Downloads: 144 | CTR: 70 % | Weekly Hits: ⮙4
Research Paper, Management, Sierra Leone, Volume 9 Issue 2, February 2020
Pages: 973 - 978The Essence of Risk Identification in Project Risk Management: An Overview
Crispin George
Views: 173 , Downloads: 132 | CTR: 76 % | Weekly Hits: ⮙1 | Monthly Hits: ⮙7
Research Paper, Management, Rwanda, Volume 8 Issue 5, May 2019
Pages: 1465 - 1470The Influence of Project Risk Management on Project Sustainability: A Case Study of Price Project, Kicukiro District
Dusabe Nicole, Dr. Patrick Mulyungi
Views: 164 , Downloads: 141 | CTR: 86 % | Weekly Hits: ⮙1
Case Studies, Management, Kenya, Volume 5 Issue 9, September 2016
Pages: 613 - 618Effect of Operational Risk Mitigation Strategies on Financial Performance of Real Estate Projects in Nairobi County: A Case of Knight Frank Limited
David Nyabuga Orori, Dr. Agnes Njeru
Views: 245 , Downloads: 166 | CTR: 68 % | Weekly Hits: ⮙3
Research Paper, Management, Rwanda, Volume 8 Issue 6, June 2019
Pages: 492 - 495The Contribution of Risk Management System on the Project Effectiveness: A Case Study of Affordable Housing Development Project in Rwanda
Egide Ruhumuriza, Dr. Patrick Mulyungi
Similar Articles with Keyword 'Risk planning'
Views: 206 , Downloads: 144 | CTR: 70 % | Weekly Hits: ⮙4
Research Paper, Management, Sierra Leone, Volume 9 Issue 2, February 2020
Pages: 973 - 978The Essence of Risk Identification in Project Risk Management: An Overview
Crispin George
Views: 141 , Downloads: 122 | CTR: 87 % | Weekly Hits: ⮙2
Research Paper, Management, Rwanda, Volume 6 Issue 10, October 2017
Pages: 1534 - 1540Effect of Project Planning Process on Performance of Electricity Projects in Rwanda; A Case of Electricity Access Rollout Program (EARP)
Fred Ukwishaka, Dr. Patrick Mulyungi
Similar Articles with Keyword 'Risk Monitoring'
Views: 206 , Downloads: 144 | CTR: 70 % | Weekly Hits: ⮙4
Research Paper, Management, Sierra Leone, Volume 9 Issue 2, February 2020
Pages: 973 - 978The Essence of Risk Identification in Project Risk Management: An Overview
Crispin George
Views: 176 , Downloads: 126 | CTR: 72 % | Weekly Hits: ⮙3
Research Paper, Management, Rwanda, Volume 8 Issue 5, May 2019
Pages: 1893 - 1897Risk Management and Financial Performance of Financial Institutions in Rwanda; A Case Study of Urwego Bank PLC
Alice Gasatura, Dr. Patrick Mulyungi