1-15.3 Risk Identification

Risk identification is a systematic attempt to specify threats to the project (estimates, schedule, resource loading, etc.). By identifying known and predictable risks, the client and contracting officer take the first step toward avoiding them when possible and controlling them when necessary.

While it would be impossible to anticipate the complete universe of risks, the aim is to clearly identify the 20 percent of risks that would have 80 percent of the potential impact (Pareto Principle [80/20 Rule]). The following activities are useful for clarifying and identifying risks: