Aveneu Park, Starling, Australia

Risk weaknesses in a business or project’s productivity. Assessment

Risk and Uncertainty Identification

Risk and
uncertainty identification is done through method of finding actual risks
linked with a business. All of the person associated with the business and experts
of industry from outside the business/company can identify risks and
uncertainty.  Mostly the core teams begin
the process of identification and after that other members from them will involve
for risk identification. Analysing or managing of the risk is only after identifying
realistic possibilities. The techniques used in risk identification varies upon
the nature of the business. However, experts used a combination of some tools
and techniques are used. Some of techniques used in identification of risk and
uncertainty are as under.

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1.      
Documentation Review

Document’s
review contains resource planning or procurement planning that may point out deficiencies
and weaknesses in a business or project’s productivity. Assessment of
organisation’s documents and project’s strategy may clarify and explain the
potential disconnects between purpose of the organisation and of projects.

2.      
Information Gathering
Techniques

Useful
techniques in identification of risk are comparisons of analogy, interview of
experts, the technique of Delphi, Crawford slip method, brainstorming and the root
cause identification analysis. The main force behind this is to gather clear
and comprehensive statements defining risk of the project.

3.      
Checklists

The main focus
and purpose of any business is to achieve the specified goals. There is need to
identify the events that can occur and threaten goals of project, for the
identification it is necessary to scrutinise project systematically.  

4.      
Assumptions Analysis

Assumption
analysis is a document of assumptions more often motivates project teams
towards a clearer prospect of risks that can occur in a project. Project’s
validity is dependent upon the validity of the assumptions. This analysis defines
that where the information gathered on risk analysis is valid and where it is
based on uncertainty.

5.      
Diagramming Techniques

Diagramming
technique is used to obtain insight which are not accessible on raw data of
project. Cause and effect diagram, network diagram, influence diagram, force
field charts and flowcharts are all used to get insight which is based upon liaison
that are not evident readily otherwise. 

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