1 Use expert judgment

One of the most common and reliable ways to identify risks in a project with limited data is to consult with experts who have relevant experience, knowledge, or skills. Experts can provide insights, opinions, or recommendations based on their previous projects, lessons learned, best practices, or industry standards. You can use various methods to elicit expert judgment, such as interviews, surveys, focus groups, workshops, or brainstorming sessions. The key is to select the right experts, define the scope and objectives of the consultation, and document and validate the results.

2 Apply risk categories

Another useful technique to identify risks in a project with limited data is to apply risk categories or frameworks that help you organize and classify the potential sources of uncertainty. Risk categories can be based on different criteria, such as project phases, processes, areas, functions, or domains. For example, you can use the Project Management Institute (PMI) risk breakdown structure (RBS), which divides risks into four levels: project, product, management, and external. By applying risk categories, you can identify the main areas of risk exposure and focus your attention on the most relevant ones.

3 Use checklists and templates

A third technique to identify risks in a project with limited data is to use checklists and templates that provide a list of common or potential risks that may occur in similar projects or contexts. Checklists and templates can be derived from historical data, industry standards, organizational policies, or best practices. You can use them as a starting point or a reference to identify risks that may apply to your project or to generate new ideas. However, you should not rely solely on checklists and templates, as they may not cover all the specific or unique risks of your project.

4 Perform qualitative analysis

A fourth technique to identify risks in a project with limited data is to perform qualitative analysis, which involves evaluating the likelihood and impact of each identified risk using a scale or a matrix. Qualitative analysis can help you prioritize the most significant risks and allocate your resources accordingly. You can use various tools and methods to perform qualitative analysis, such as probability and impact matrix, risk rating, risk scoring, or risk ranking. The main challenge of qualitative analysis is to ensure consistency and objectivity in the assessment, especially when dealing with limited data.

5 Update risk register

A final technique to identify risks in a project with limited data is to update the risk register, which is a document that records and tracks all the identified risks, their characteristics, and their responses. Updating the risk register is an ongoing process that requires regular review and revision throughout the project lifecycle. You should update the risk register whenever you obtain new data or information, encounter changes in the project scope or environment, or implement risk responses. Updating the risk register can help you monitor and control the risks and ensure that they are aligned with the project objectives and expectations.

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?