Question

The Tools and Techniques for Risk identification are as follow:

Expert Judgement

Data Gathering

Brainstorming, (Ex.: Delphi approach, Nominal group technique, etc)

Checklists

Interviews

Data Analysis

Root Cause Analysis (includes: Fishbone technique)

Assumptions and constraint analysis

SWOT analysis

Document analysis (Ex: Historical records)

Interpersonal and team skills

facilitation

Prompt List

Meetings

Are there any other methods not listed that you have seen used for risk identification?

Answer 1

Another method or tool to identify and analyze risk is the Expected Monetary Value Analysis. In this case, the impact of a risk element is noted in terms of dollar value and is multiplied by the probability of its occurrence to find the Expected Monetary Value (EMV). Where the monetary value is composite in nature i.e. getting derived from various factors each acting independently of the other i.e. having their individual probability of occurrence, a Monte Carlo simulation method can be used to determine the expected monetary value.