ABSTRACT
Risk identification is actually about defining the project's risk triggers, those events that need to occur in order for a potential risk to become realized. In other words, in most projects there are key people, whether a lead engineer or marketing representative, involved. Qualitative risk analysis looks at a risk using some sort of qualification scale. The scale applies to both impact and likelihood. In some cases, there is actual data to compare it to; in other cases, the scale is subjective in nature. Quantitative risk analysis requires that the value of the potential losses associated with the risk be determined. Risk identification is an iterative process that is never complete; therefore, controlling the identified risks becomes very important. Monitoring the risk triggers, signals that the event has taken place, or warning signs that the risk may occur is part of risk control.
