7 Components of Project Risk Registers
There are several components of Project Risk Registers that Project Managers identifies at the qualitative risk analysis stage. I am going to look at the seven Components of risk registers in this article.
#1 Relative Ranking
The first components have to do with performing a relative ranking or opportunity list of project risks. The overall risk ranking for a project can be determined by adding the individual risk factor, scores and dividing by the number of risks.
#2 Risk grouped by categories
This has to do with placing risks in categories. This may reveal areas of risk concentration. It may also highlight the common cause of risk, allowing you to improve risk anticipation and response.
#3 Cause of risk
Another component of project risk registers has to do with identifying the cause of risk or project areas requiring specific attention. This has to do with identifying specific frequently occurring causes in risk occurrence enables better risk response planning.
#4 List of risks
You also need to create a bottom list of risks requiring a response in the near term. This has to do with understanding that some risks may require action in the beat term.
This can be grouped separately from the risks that will be addressed at a later date.
#5 Additional Analysis
You need to create some list of risks for additional analysis and responses. Risks that may require additional analysis and management typically include risks classified as high or moderate.
For example, a project end date beyond acceptable limits will require quantitative analysis to assess it.
#6 Watchlist of low-priority risks
A risk that is not urgent and do not require near term action can be documented on a watchlist for.monitoring.
#7 Trends in qualitative risk analysis results
As quantitative risk analysis is repeated, a trend may result that can make risk response or further analysis more urgent or less.
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