For risk management to be as cost and time effective an exercise as possible, when should the risk identification process begin?

Question

Quizplus · Accepted Answer

The most effective time to begin risk assessing is after a scope statement and WBS have been created.
Some inexperienced managers begin when a project is first mentioned, while others try to begin before the scope statement and WBS have been created; however the most effective time is after the scope has been identified and a detailed WBS made available. Before then, the project is too fluid and time is not well invested. Risk is continually assessed throughout the project cycle, even during project changes.
Key Take Away: One of the key tenets of project management is time management - using one's time to obtain the maximum benefit. One can start early in the process in analyzing risk, but you need to ask yourself is this an effective use of my time or am I better off waiting?

For Risk Management to Be as Cost and Time Effective