Looking for possible risks could be a never-ending process, however, it is important to approach risk in a systematic way. The early stages of risk may come in handy here where we are exploring almost all possibilities. Prioritizing these possibilities makes the project manageable. Potential risks have to be identified using a controlled method whether quantitative or qualitative such as brainstorming, ratings, expert opinion, etc.

With this in mind and after conducting your own research on the matter, consider the following statement: The problem with risk analysis is that it is possible to imagine virtually anything going wrong on a project and answer the following questions:

• Where do you draw the line; in other words, how far do you take risk analysis before it becomes overkill?
• What method of risk assessment would you use if you’re prioritizing efforts?
• What are the advantages and disadvantages of this method to you?