Once the project is approved and moves into the planning stage, in the next phase of project life cycle is project planning and execution to get it done.
Once the project is approved and moved into planning phase, then the project manager plan the project, define the requriements and deliverables, calculate the required resources, hire teams, and do task assignment planning. The project life cycle is given below:
- Inititaiton
- Planning
- Execution
- Monitoring/Controlling
- Closing
After aproval of the project, in the planning phase, the next step is the identification of risks with each major group of activities. Risk management is a process of identification of risks that could harm or affect the overall reputation of any business organization.
The main purpose of risk identification is basically to identify risks that could affect a project or organization and document their characteristics. It is actually a continuous process that should be revisited throughout the project life cycle to ensure that all potential risks have been identified. The most important thing is to create a list of every possible risk and opportunity that you can think of.
If you would only focus on the threats, you could miss out on the chance to deliver unexpected value to the customer or client. Six stages are involved in the risk identification process. Therefore risk identification is considered vital in project management.
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