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project risk register

 

Risks are uncertainties that are likely to affect the progress of a project either positively or negatively. As a Project Manager, you will always want to be on the lookout for risks that are likely to impact your project negatively. In this article, I will be looking at major components that you are going to see in a Risk register. Follow me as we look at this together.

#1: RELATIVE RANKING OF PRIORITY
One of the very first thing that you will in a risk register is the overall risk ranking for the project. This at times can be determined by looking at individual risks factor for the project. It is always collated by looking at the risk factor score divided by number of time the risk is likely to occur.

 

#2: GROUPING BY CATEGORIES
One other component that you will see in a Risk register is the division of risk based on categories of the risk. This will help you to know the areas of your project that are more prone to risks.

This section will also highlight the major causes of risks which will allow you to improve risk anticipation as well as risk response for the overall project as well.

#3; CAUSES OF RISKS
Another component that you will find in a risk register are the causes of the risks. This vital document will help you to identify frequently occurring risks as well as enabling you to come up with a better risk response plan to mitigate identified risk for the project.

 

#4: NEAR TERM RISK
The risk register as a document will also help you to identify risks that are requiring response in the nearest future. These are risks that you cannot leave till future date before you attend to them. This kind of risk must be separated from those that you will attend to in the future.

#5: RISK ADDITIONAL ANALYSIS
Another component of risk register are the list of risks that you will still need to work on. They are risks that can be left till a future date.

These are risks that has high or moderate scores. When a particular risk is identified and it is likely to increase the schedule of the project, such risk requires additional analysis to be sure whether they will actually occur or not.

 

 

#6: WATCH LISTS
The risk register also contain a lot of risks that do require attention in the near future. They might be attached to activities or tasks that will happen at the later phase of the project. With this kind of risk, you have to constantly check out to be sure whether they will actually occur or not.

 

 

#7: TREND IN QUALITATIVE RISKS
When you are repeating qualitative risk analysis for a project, there are bound to be trends that are common to your project. When you can study the trend, it is likely to make response or further analysis to the risk easy or difficult.

When you are repeating qualitative risk analysis for a project, there are bound to be trends that are common to your project. When you can study the trend, it is likely to make response or further analysis to the risk easy or difficult.

You will be able to know which part of your project is more prone to risk along the line.

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About Admin

ADENIYI SALAU CEP,CSCU, MCP,COMPTIA P+, MOS (Project 2013/2016), is a classroom Instructor and Blogger of repute. He is a Professional E-Business and Project Management Consultant who desire to reach more people in the online community by sharing his ideas.

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