647 W4D "Originally identified risks" - Essay Example

Originally Identified Risks Affiliation During the of a project from inception to its completion, there will be a variety of risk factors associated with it depending on its nature. Identifying these risks and making considerations for their potential occurrence ranks highly among the responsibilities of a project manager. At the inception stage, risk identification and analysis will lead to the discovery of only some potentialities (Jordão & Sousa, 2010). To counter this common oversight, it becomes necessary to employ certain techniques that assist in risk identification all through the project’s lifetime.

In doing so, one increases the project’s chances of becoming a success through elimination of avoidable obstacles. The techniques that are available to a project manager include brainstorming, SWOT analysis, scenario analysis and retrospective analysis. Brainstorming refers to a process of idea generation where a group is given free rein to explore their thoughts and come up with strategies to move the project forward (Garrett, 2012). In the essence of risk analysis, it is useful in that it provides the group with the opportunity to assess potential risks on a large scale level and take advantage of combined thinking.

The collective reasoning increases the quality of ideas on potential risks. Retrospective analysis considers past events and analyzes why they occurred so as to provide a platform for future reference (Kendrick, 2009). In risk management, it can help the project to analyze similar cases so as to get an idea of potential pitfalls. Retrospective analysis will help limit the risks that may occur from known threats and give the project a better standing. SWOT analysis is a comprehensive analytical tool that looks at the project in terms of the strengths it has, the weaknesses it may possess, the opportunities available to it, and the threats it may face (Garrett, 2012).

SWOT analysis identifies the actualities (strengths and weaknesses) as well as the potentialities (threats and opportunities) enabling the project leader to be more aware of the segments to consider when analyzing risk. Scenario analysis refers to analyzing different pathways the project may take and focusing on worst-case instances so as to come up with potential risks that may harm the project’s effectiveness (Kendrick, 2009).ReferencesGarrett, D. (2012). Project pain reliever: A just-in-time handbook for anyone managing projects. Ft. Lauderdale, FL: J. Ross Pub.Jordão, B.

, & Sousa, E. (2010). Risk management. New York: Nova Science Publishers.Kendrick, T. (2009). Identifying and managing project risk: Essential tools for failure-proofing your project. New York: AMACON.