Describe the following with respect to Risk assessment : (i). Risk identification (ii). Risk analysis (iii). Risk prioritization

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 Solution:-

Risk identification: Is the first step in risk assessment, which identifies all the different Risks for a particular project. These risks are project-dependent and identifying them is an exercise in envisioning what can go wrong. Methods that can aid risk identification include checklists of possible risks, surveys, meetings and brainstorming, and reviews of plans, processes, and work products. Checklists of frequently occurring risks are probably the most common tool for risk identification—most organizations prepare a list of commonly occurring risks for projects, prepared from a survey of previous projects. Such a list can form the starting point for identifying risks for the current project. Risk identification merely identifies the undesirable events that might take place during the project, i.e., enumerates the ―unforeseen‖ events that might occur. It does not specify the probabilities of these risks materializing nor the impact on the project if the risks indeed materialize. Hence, the next tasks are risk analysis and prioritization 

Risk analysis: In risk analysis, the probability of occurrence of a risk has to be estimated, along with the loss that will occur if the risk does materialize. This is often done through discussion, using experience and understanding of the situation, though structured approaches also exist. Once the probabilities of risks materializing and losses due to materialization of different risks have been analysed, they can be prioritized.

Risk prioritization: One approach for prioritization is through the concept of risk exposure, which is sometimes called risk impact. RE is defined by the relationship RE = Prob(UO) * Loss(UO), Where Prob(UO) is the probability of the risk materializing(i.e., undesirable outcome) and Loss(UO) is the total loss incurred due to the unsatisfactory outcome. The loss is not only the direct financial loss that might be incurred but also any loss in terms of credibility, future business, and loss of property or life. The RE is the expected value of the loss due to a particular risk. For risk prioritization using RE is, the higher the RE, the higher the priority of the risk item.

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