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"Risk identification is generally done as part of a feasibility study, at the beginning of the active project work, and at each new phase of a large project. The process of identification is assisted by use of risk factor tables that capture indicators of commonly encountered risks." (Texas DIR, 2000) Some project managers add a tracking and control step ? a post-mortem of sorts.
The identified risks are then "analyzed to establish the project exposure for each risk and to determine which risk items are the most important ones to address. Risk exposure is defined as the product of the likelihood that the risk will occur and the magnitude of the consequences of its occurrence...
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