Project risk identification should be completed during the planning stages of a research project, however it is recommended that the identified risks be monitored throughout the life of the project. Furthermore, it is important that the risk register is updated regularly throughout the life of the project as new risks are identified.
In managing project risks, a ‘Risk Probability and Impact Matrix’ can be used to combine the risk probability and impact in order to identify the overall project risk exposure (see below). In this manner risks can be rated as low, medium, or high in terms of priority. In managing these project risks, mitigation strategies should be identified that will decrease the exposure of the project to the identified risk by deceasing its probability of occurring, its impact on the project, or both.