When do risks get revised in the project lifecycle?

Risks are typically revised at various points throughout the project lifecycle, but particularly at the gates of the project. Gate reviews, or stage gates, are critical checkpoints where the progress, performance, and risks associated with the project are assessed. During these meetings, project stakeholders evaluate whether to proceed, adjust the project direction, or even terminate the project.

This approach allows the project team to reassess risks and ensure that any new or modified risks are documented and managed appropriately. This is essential because the project environment can change, introducing new risks or altering the status of known ones. Adjusting risk assessments at these gates enables better decision-making, resource allocation, and strategic direction.

While risks may also be discussed during the implementation phase or at review stages, the formal revision process tied to project gates is crucial for maintaining the project's alignment with its goals and responding proactively to potential setbacks. Revisiting risks solely at the beginning of the project would not account for ongoing developments or changes, making it less effective in managing the overall risk landscape.