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Project Risk Assessment

PRELIMINARY CHAPTER

PROJECT RISK ASSESSMENT

Issue/Review Date: April 29, 2015

Purpose

Project Managers must be aware of potential risks to a project from inception to completion. Having a

strategy to manage those risks during the project lifecycle is critical for project success. Obviously,

PMs cannot accurately predict what will happen on a particular project. However, referring to a

standard Risk Register will help the PM think through the possibilities.

Definition

A definition of “risk” is “an uncertainty that matters and can affect project objectives negatively or

positively”. The two elements of a risk are (1) the probability of occurrence and (2) the impact on the

project.

Procedure

PMs are required to prepare and periodically update the Risk Register for all projects at the start of

the Preliminary (conceptual) phase and continuing until final completion.

With the project-specific

information gathered through this risk assessment process, a Project Manager can refer to historical,

comparable information. This information also allows the creation of new tools to address types of

risks that are most frequently encountered.

PROJECT RISK ASSESSMENT

Step Responsible

Action

Party

Project Initiation

•

Project

At start of Design phase, drafts project Risk Register. Refers

Manager

to Sample Risk List for assistance in identifying project risks

and categories

Project Risk Assessment