Search Results for: Risk Register

There will be a number of times over the course of the project’s respective life cycle that the project management team and or the project management team leader will find themselves in a position in which they realize that a particular component as to the project and or a particular facet of that project does in fact come with a set or series of inherent risk. After all of these likely and potential risks have been properly organized and categorized, it is up to the project management team and or the project manager to effectively determine the best way to deal with these risks. The specific document that is used to detail the results of the qualitative and quantitative risk analyses is known as the risk register. The risk register details all risks, provides descriptions of them, categorizes them, and also discusses potential causes as well as probability. Also discussed are potential responses as well as who would be responsible for dealing with the risks. The risk register is part of the project management plan.

This term is defined in the 3rd and the 4th edition of the PMBOK.

The process of Implementing Risk Responses is the process of planning and implementing actions and plans in response to project risks. The purpose of this process is to ensure that each of the identified risks on the Risk Register has appropriate actions or plans to mitigate or avoid a risk before it happens or to provide a response when a risk occurs and turns into a project issue.

The idea is to reduce the exposure to risks in the project and minimise threats to the delivery in terms of time, cost or quality.

The inputs to the process are primarily the Risk Register and Assumptions Log but can also be the Lessons Learnt Register. The risks should be sorted into those which present the biggest threat to the project and a process of deciding how to respond to the risk is then undertaken.

The Risk Response Process is used throughout the project lifecycle from the time that the risks are first identified and reviewed regularly to include new risks and also ensure that the response to existing risks remains relevant.

Deciding on a response to a risk utilises several project management techniques including input from experts in the risk topic, project team members and lessons learnt from previous projects. In some cases, a valid risk response could be to ignore or defer the response if it isn’t a significant risk to the project.

Responses can also be proactive and deal with the risk now, undertaking some activities to prevent or minimise the impact of it. In other cases, a risk response plan will only be executed as and when the risk materialises on the project. For some risks, there may be more than one risk response.

The results of the Risk Response Process should be documented in the project Risk Register. Depending on the response plan, Change Requests can be issued and updates to the project plan are made to reflect the Risk Response activities.

Identification of stakeholders is one of the critical processes in any project. The stakeholders are individuals, groups or organizations that may be affected by the decision, outcome or even a small activity related to a particular project.

The Stakeholder register is a project management document that identifies, assess and classifies the stakeholders of the project. It is also a document that provides information used to plan different ways on how to engage the stakeholders.

As a project management document, the stakeholder register is often subjected to many updates. The updated information on the change of the stakeholders is also noted in this particular document. The changes of updates may include the identification of new stakeholders or if the registered stakeholders are no longer impacted in or involved in the project.

The stakeholder register is one of the essential documents used as an input to create the different project management processes. Processes like the Plan Stakeholder Management, Plan Procurement Management, Plan Risk Management, Plan Communications Management, Plan Quality Management, Collect Requirements and Identify Risks all require the Stakeholder register as one of their inputs.

This term is defined in the 5th edition of the PMBOK.

Risk reassessment in project management involves identifying new risks and reassessing current ones. It is also involved in closing risks that are outdated and no longer threatening to the project.

This particular project management tool is used in controlling the risks. Regularly creating a schedule for the risk reassessment to determine the kinds of risks present within the project can help project managers identify and control the risks. The number of repetitions of the reassessment also depends on the progress of the project in relation to its objectives.

Most of the work involved in controlling risk is risk reassessment. The project manager needs to have a list of the risk register to be thoroughly reviewed by the risk management team.

There are common actions taken during this particular risk management process. Identifying new risks and analyzing their impact on the project is an important action. This will help the organization develop a risk response plan to mitigate the effects of the risk. It is also involved in identifying risk triggers that have occurred to help develop a contingency plan.

Keeping an updated risk register is an important element in risk reassessment.

This term is defined in the 5th edition of the PMBOK.

The Quantitative Risk Analysis and Modelling Techniques are used to help identify which risks have the most influence on the project and organization. It does this by assigned a projected value to the risks that have been ranked already by the previous process such as the Perform Qualitative Risk Analysis.

There are five inputs to perform this particular project management tool and these include the risk register, risk management plan, schedule management plan, cost management plan, and risk register updates. These inputs are necessary to create the quantitative risk analysis to determine the level or degree on how a particular risk can affect a particular process, product or service.

On the other hand, there are also Quantitative Risk Analysis and Modelling Techniques used by project managers to determine the level of influence of the risks identified. These techniques include the probability distribution, data gathering and representation techniques, sensitivity analysis, expected monetary value analysis, decision tree analysis, tornado diagrams and expert judgment.

Moreover, it also uses modeling and simulation which is an important technique in quantitative risk analysis. A good simulation technique used by project managers is the Monte Carlo analysis which is calculated using the computer and analyzing different scenarios for the project schedule to identify possible risk events.

This term is defined in the 5th edition of the PMBOK.