According to the PMBOK® Guide and the Practice Standard for Project Risk Management, the process specifically designed to determine which risks may affect the project and to document their characteristics is Identify Risks.
Objective: The primary goal of this process is to uncover both individual project risks and sources of overall project risk. It is an iterative process because new risks may evolve or become known as the project progresses through its life cycle.
Documentation: The key output of this process is the Risk Register, which initially captures the list of identified risks, potential risk owners, and a list of potential risk responses. It also results in updates to the Risk Report.
Tools and Techniques: To determine these risks, project managers use techniques such as:
Brainstorming and Checklists.
SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats).
Prompt Lists (e.g., PESTLE, TECOP).
Root Cause Analysis.
Comparison with Other Options:
Plan Risk Management (C): This process defines how to conduct risk management activities; it does not identify the specific risks themselves.
Perform Qualitative Risk Analysis (A): This process takes the risks already identified and prioritizes them by assessing their probability and impact.
Perform Quantitative Risk Analysis (D): This process numerically analyzes the combined effect of identified individual project risks on overall project objectives.
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