How to identify risks in information gathering techniques?

Risk knowledge area is very important for a successful project. PMI-RMP a separate certification is available to address project risks. Project risk managers make as good as 200K per annum, as good as $250 per hour on consulting basis. However, while preparing for PMP Identifying risk in a project is included in risk management knowledge area There are many tools and techniques to identify risks including documentation reviews, information gathering techniques. Documentation Review - As per PMBOK this is a method to perform structured review of project documentation. The project documents involved include project plans, assumptions made during projects[say customers would say okie to square login box as it is not completely captued in requirement document], previous project files, agreements etc. So, what becomes the factor to identify if a risk exists - Project plan quality, the depth it covers, consistency between project plan, project requirements and assumptions say the login box shape etc comes into play. If customer says they cant agree onto this shape, it costs resource, time etc Informaiton Gathering Techniques - These tools are wide and can be comprising of the following including brainstorming, delphi technique, Interviewing, root cause analysis Brainstorming - A risk facilitator meets team of people who dont work on project, brainsttorm and identify risks in a project Delphi Technique - This is new. This is an anonymous risk brainstorming using questionnaire. The identity is confidential and risks are identified Interviewing - Involving person experienced in project, project participants, stakeholders , SME helps identify risks in project Root cause analysis - This is plain and simple to identify the root cause of an issue, develop preventive action Some risk management related free practice exams are given here 1. Someone who doesn’t want to take risks is said to be: a. Risk Taker b. Risk Tolerant c. Risk Averse d. None of the Above 2. Good risks is also referred to: a. Gold Plating b. Scope Creep c. Opportunities d. Thresholds 3. It is the responsibility of the ___________ to uncover risks in a project a. Project Manager b. Stakeholders c. Project Team d. Senior Management 4. The project suffered heavy losses because of a stock market crash. This is an example of what type of risk to the project? a. Internal b. Technical c. Unforseeable d. External 5. Our project got delayed because the client wanted to implement the project with a new technology midway through the project. This is an example of what type of risk to the project? a. Internal b. Technical c. Unforseeable d. External 6. The project got delayed because of an earthquake in the area where the project team is located. This is an example of what type of risk to the project? a. Internal b. Technical c. Unforseeable d. External 7. The project got delayed because the project had team members who doesn’t have experience and did not understand the business when working on the project. This is an example of what type of risk to the project? a. Internal b. Technical c. Unforseeable d. External 8. The risk that occurs because of fire in the office building is an example of: a. Business Risk b. Pure Risk c. Internal Risk d. External Risk 9. The technique that is used to uncover risks by having a series of meeting with project team is ____________. a. Delphi Technique b. Interviewing c. Root Cause Analysis d. Brainstorming 10. The technique that is used to build consensus to agree upon risks on a project anonymously is ________ a. Delphi Technique b. Interviewing c. Root Cause Analysis d. Brainstorming 11. The technique that is used to identify risk by arranging risks based on the primary reason for those risks to occur is ___________ a. Delphi Technique b. Interviewing c. Root Cause Analysis d. Brainstorming 12. The technique where project manager asks the participants and compiles the list of risk based on the feedback of the participants is _______ a. Delphi Technique b. Interviewing c. Root Cause Analysis d. Brainstorming 13. The analysis that will look at the strengths and weaknesses in the project and identify risks based on the finding is ________ a. Checklist Analysis b. Assumption Analysis c. SWOT Analysis d. Brainstorming 14. The analysis in which the risks are listed by category so that the risk can be prioritized is _________ a. Checklist Analysis b. Assumption Analysis c. SWOT Analysis d. Brainstorming 15. When project manager looks at the assumptions made in his project to identify the risks, what type of analysis the project manager is using? a. Checklist Analysis b. Assumption Analysis c. SWOT Analysis d. Brainstorming Risk Management Knowldge Area : As per PMBOK , Risk Management includes all the process of conducting risk management planning,identification, analysis, response planning, and monitoring and control on a project.In this article we are going to discuss in-detail about various processes that form a part of the Risk Management knowledge area, their inputs, tools and techniques, outputs. We'll be also discussing in detail on where they fit into project management framework.Various processes that constitute/ form part of risk management knowledge area includes : 1) Plan Risk Management 2) Identify Risks 3) Perform Qualitative Risk Analysis 4) Perform Quantitative Risk Analysis 5) Plan Risk Responses 6) Monitor and Control Risks