Risk identification as a basic stage of the project risk management

The decision-making during realization of the project is connected with a relatively high risk. In practice, the risk is defined as the product of the probability of occurrence an event and the effects of its impact on the processes in the organization. Risk management is the essence of the functioning of every project. The exact risk identification is crucial for the implementation of the project. Thanks to identification, organization can adopt an appropriate strategy to avoid the risk, minimize it, intensify its effects or simply eliminate it. In the literature, there are many definitions of risk in project, as well as descriptions of the stages of project risk management. This article show the analysis of the literature on the subject to emphasize the importance of the risk identification as a basic stage of the project risk management. It also helps answer the question are enterprises are making a risk identification before implementation of their projects, and what type of risks they encounter.