What are the best ways to identify project risks in middle stages?

1 Review project documents

One of the best ways to identify project risks in the middle stages is to review the project documents, such as the scope, schedule, budget, quality, and stakeholder expectations. These documents may reveal gaps, inconsistencies, ambiguities, or conflicts that can pose a threat to the project. For example, you may find that the scope has changed without proper approval, the schedule is unrealistic, the budget is insufficient, the quality standards are unclear, or the stakeholder expectations are misaligned. By reviewing the project documents, you can identify these risks and take action to resolve them.

2 Conduct risk workshops

Another way to identify project risks in the middle stages is to conduct risk workshops with the project team and key stakeholders. Risk workshops are facilitated sessions where participants brainstorm, analyze, prioritize, and document potential risks and their impact on the project. Risk workshops can help you uncover hidden or emerging risks that may not be evident from the project documents. For example, you may discover that the project team lacks the necessary skills, resources, or motivation, that the stakeholders have conflicting interests or agendas, or that the external environment is volatile or unpredictable. By conducting risk workshops, you can engage the project team and stakeholders in risk identification and management.

3 Use risk assessment tools

A third way to identify project risks in the middle stages is to use risk assessment tools, such as checklists, questionnaires, surveys, or templates. Risk assessment tools can help you systematically and comprehensively identify project risks based on various categories, such as technical, operational, financial, legal, or environmental. For example, you may use a checklist to verify if the project meets the technical requirements, a questionnaire to assess the operational processes, a survey to measure the financial performance, a template to document the legal compliance, or a matrix to evaluate the environmental impact. By using risk assessment tools, you can ensure that you cover all the relevant aspects of the project.

4 Monitor project performance

A fourth way to identify project risks in the middle stages is to monitor the project performance, such as the deliverables, milestones, issues, changes, and feedback. Monitoring the project performance can help you identify deviations, problems, or opportunities that can affect the project. For example, you may notice that the deliverables are delayed, incomplete, or defective, that the milestones are missed or revised, that the issues are unresolved or escalated, that the changes are frequent or uncontrolled, or that the feedback is negative or conflicting. By monitoring the project performance, you can identify these risks and take corrective or preventive actions.

5 Leverage your BRM network

A fifth way to identify project risks in the middle stages is to leverage your BRM network, such as your peers, mentors, sponsors, or partners. Your BRM network can help you identify project risks by providing you with information, insights, advice, or support. For example, you may consult your peers to learn from their experiences, challenges, or best practices, you may seek guidance from your mentors to enhance your skills, knowledge, or confidence, you may involve your sponsors to secure the necessary resources, authority, or alignment, or you may collaborate with your partners to optimize the value, quality, or satisfaction of the project. By leveraging your BRM network, you can identify project risks and benefit from their expertise, perspective, or influence.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?