Risk Analysis: Before you’re able to do a project risk analysis, you have to acknowledge that risk is going to happen in your project and you’ll need to be prepared with a risk management plan. By planning for risks, you begin the process of knowing how to identify, monitor and close out risks when they show up in your project. (taken from https://www.projectmanager.com/training/how-to-analyze-risks-project)
There are risks involved in many aspects other than projects, however, when doing projects, it is best to be proactive instead of reactive.
The above link has templates available, a lot of useful information that helps walk you through and simplify the process. Their explanations and definitions help to provide a clear understanding of the different levels required during a project.
Doing a proper, risk analysis, risk identification, and risk management can save you time and money – it is a very effective tool that should be in everyone’s toolbox!
Questions to Ponder:
Do you know the difference between risk analysis, risk identification, and risk management?
Do you perform a proper risk analysis prior to starting a project?
