Risk Register Analysis - Revision history

Tkokotas at 17:09, 16 November 2018

2018-11-16T17:09:49Z

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	A Risk Register is a tool in the risk management strategy, to keep track of risks to a "project, program or portfolio"(PPP). It is commonly used by the project or risk manager to maintain the simplest structure of possible events but can be used on every level of "project, program and portfolio management"(PPPM). The Risk register describes possible threats and opportunities to a PPP. <ref name="Project"/> The simplest risk register consists of the cause of a risk, the event of a risk, and the effect of a risk. The register can be expanded to include the information critical to the PPP. The level of information is highly related to the scale of the PPP, where large complex PPP tends to have more information included in the risk register, then smaller and simpler project. The main reason for having a risk register is to have a standing register with action plans already established for known possible risk. If a risk occurs, the ~~projectmanager~~ or risk owner(explained in the plan section) can take action fast and effective to remove or reduce threats or maximize opportunities.		''Developed by Jonas Samuelsen''


			A Risk Register is a tool in the risk management strategy, to keep track of risks to a "project, program or portfolio"(PPP). It is commonly used by the project or risk manager to maintain the simplest structure of possible events but can be used on every level of "project, program and portfolio management"(PPPM). The Risk register describes possible threats and opportunities to a PPP. <ref name="Project"/> The simplest risk register consists of the cause of a risk, the event of a risk, and the effect of a risk. The register can be expanded to include the information critical to the PPP. The level of information is highly related to the scale of the PPP, where large complex PPP tends to have more information included in the risk register, then smaller and simpler project. The main reason for having a risk register is to have a standing register with action plans already established for known possible risk. If a risk occurs, the project manager or risk owner(explained in the plan section) can take action fast and effective to remove or reduce threats or maximize opportunities.

	== Introduction ==		== Introduction ==

Jonas Samuelsen: /* Annotated Bibliography */

2018-02-28T14:10:31Z

Annotated Bibliography

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	The composition of the risk register should be decided by the manager of any given project, Program or Portfolio.		The composition of the risk register should be decided by the manager of any given project, Program or Portfolio.

	''The PMI ~~standard~~''		''The PMI standards''
	The PMI standards for project and portfolio management gives a ~~similar~~ overview of different tools for project management.
			The PMI standards for project and portfolio management is similar to the PRINCE2 and gives a good overview of different tools for project management.

Jonas Samuelsen: /* Annotated Bibliography */

2018-02-28T14:07:43Z

Annotated Bibliography

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	==Annotated Bibliography==		==Annotated Bibliography==
	This article has been based on the Prince2 standard ~~and~~ the PMI standard. To get the full value of this article, the reader should be familiar with these standards for Project, Program and portfolio management.		This article has been based on the Prince2 standard with additional appending views from the PMI standard. To get the full value of this article, the reader should be familiar with these standards for Project, Program and portfolio management.

	''Managing Successful Projects with PRINCE2''		''Managing Successful Projects with PRINCE2''
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	''The PMI standard''		''The PMI standard''
			The PMI standards for project and portfolio management gives a similar overview of different tools for project management.

Jonas Samuelsen: /* References */

2018-02-28T14:02:44Z

References

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	<ref name="Project"> Managing Successful Projects with PRINCE2. http://proquestcombo.safaribooksonline.com.proxy.findit.dtu.dk/9780113310593 </ref>		<ref name="Project"> Managing Successful Projects with PRINCE2. http://proquestcombo.safaribooksonline.com.proxy.findit.dtu.dk/9780113310593 </ref>

	<ref name="PMI"> THE STANDARD FOR PORTFOLIO MANAGEMENT. http://proquestcombo.safaribooksonline.com.proxy.findit.dtu.dk/9781933890531 </ref>		<ref name="PMI"> PKI - THE STANDARD FOR PORTFOLIO MANAGEMENT. http://proquestcombo.safaribooksonline.com.proxy.findit.dtu.dk/9781933890531 </ref>

	<ref name="PMIP"> A Guide to the Project Management Body of Knowledge . http://proquestcombo.safaribooksonline.com.proxy.findit.dtu.dk/book/software-engineering-and-development/project-management/9781935589679/firstchapter		<ref name="PMIP">PMI - A Guide to the Project Management Body of Knowledge . http://proquestcombo.safaribooksonline.com.proxy.findit.dtu.dk/book/software-engineering-and-development/project-management/9781935589679/firstchapter
	</ref>		</ref>

Jonas Samuelsen: /* Limitations */

2018-02-28T14:01:52Z

Limitations

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	===Limitations===		===Limitations===
	The risk register does only take into account specific forecast for known unknowns, with clear inputs and outputs. Therefore the management has to agile to account for unknown unknowns. If the register should be of use, it has to be updated during the lifecycle of PPP. It a risk assessment in the register gets outdated, the response might not be the appropriated anymore.		The risk register does only take into account specific forecast for known unknowns, with clear inputs and outputs. Therefore the management has to agile to account for unknown unknowns<ref name="Unknown"/>. If the register should be of use, it has to be updated during the lifecycle of PPP. It a risk assessment in the register gets outdated, the response might not be the appropriated anymore.

	==References==		==References==

Jonas Samuelsen: /* References */

2018-02-28T14:01:26Z

References

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	<ref name="Brainstorm"> Brainstorm. http://www.designkit.org/methods/28 </ref>		<ref name="Brainstorm"> Brainstorm. http://www.designkit.org/methods/28 </ref>

			<ref name="Unknown"> Characterizing unknown unknowns. https://www.pmi.org/learning/library/characterizing-unknown-unknowns-6077 </ref>

Jonas Samuelsen: /* Conclusion */

2018-02-28T14:00:34Z

Conclusion

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	== Conclusion==		== Conclusion==
	When all data has been acquired, risks have been identified, assessed and planned, then the complete risk register can be set up. It is now important to fill out the risk register with only the necessary data. All risks in the register should start with an identifier. This is to simplify and ensure that the correct distinction between the different risks. The Register could be populated according to table 1. When the Risk register is populated, the register should be distributed to the stakeholders engaged in the project. The communication of the register and changes should be done continuously through the lifecycle of the PPP.		When all data has been acquired, risks have been identified, assessed and planned, then the complete risk register can be set up. It is now important to fill out the risk register with only the necessary data. All risks in the register should start with an identifier. This is to simplify and ensure that the correct distinction between the different risks. The Register could be populated according to table 1. When the Risk register is populated, the register should be distributed to the stakeholders engaged in the project. The communication of the register and changes should be done continuously through the lifecycle of the PPP.
	The Project manager, Risk owner and risk responsible should evaluate the risk register from time to time. During the evaluation, the status and the composition of the risk should be considered. If the status or composition of a risk has changed, the risk has to be reassessed and replanned. The register should then be updated to account for the new situation.		The Project manager, Risk owner, and risk responsible should evaluate the risk register from time to time. During the evaluation, the status and the composition of the risk should be considered. If the status or composition of a risk has changed, the risk has to be reassessed and replanned. The register should then be updated to account for the new situation.

	An example of a populated risk register could be as table1.		An example of a populated risk register could be as table1. Here the most common attributes have been filled out. All risk has been assigned a risk identifier, in this case, A1-A4 for easy distinction besween the risks, and proper description has been established. When going through the risk register, it is then easy to evaluate the different risks.

	[[File:Risk Register2.png\|thumb\|none\|750px\|Table 1:Risk Register]]		[[File:Risk Register2.png\|thumb\|none\|750px\|Table 1:Risk Register]]

Jonas Samuelsen: /* References */

2018-02-28T13:38:14Z

References

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	<ref name="PMI"> THE STANDARD FOR PORTFOLIO MANAGEMENT. http://proquestcombo.safaribooksonline.com.proxy.findit.dtu.dk/9781933890531 </ref>		<ref name="PMI"> THE STANDARD FOR PORTFOLIO MANAGEMENT. http://proquestcombo.safaribooksonline.com.proxy.findit.dtu.dk/9781933890531 </ref>

			<ref name="PMIP"> A Guide to the Project Management Body of Knowledge . http://proquestcombo.safaribooksonline.com.proxy.findit.dtu.dk/book/software-engineering-and-development/project-management/9781935589679/firstchapter
			</ref>

	<ref name="Risk"> Risk management strategy. http://apppm.man.dtu.dk/index.php/Risk_management_strategy </ref>		<ref name="Risk"> Risk management strategy. http://apppm.man.dtu.dk/index.php/Risk_management_strategy </ref>

Jonas Samuelsen: /* Introduction */

2018-02-28T13:37:23Z

Introduction

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	== Introduction ==		== Introduction ==
	A risk register consists of three main elements. It follows the same basics as the risk management strategy. <ref name="Risk"/> First and foremost it consists of the risk, secondly, it consists of the cause of the risk, and third it consist of the action of the risk. When building up a risk register these three elements will be covered by the following three steps. The first step is called '''Identify'''. Here all possible risk will be identified. The second step is called '''Assess'''. The possible risks identified must be evaluated regarding probability and impact on the PPP. The third step is called '''Plan'''. The management response is planned to ensure the if a risk materializes, the PPP is not taken by surprise. Creating and populating the risk register tends to be an iterative process since new information can occur in the process and earlier steps need to reevaluated to find the optimal solution.		A risk register consists of three main elements. It follows the same basics as the risk management strategy. <ref name="Risk"/> First and foremost it consists of the risk, secondly, it consists of the cause of the risk, and third it consist of the action of the risk. When building up a risk register these three elements will be covered by the following three steps. The first step is called '''Identify'''. Here all possible risk will be identified. The second step is called '''Assess'''. The possible risks identified must be evaluated regarding probability and impact on the PPP. The third step is called '''Plan'''. The management response is planned to ensure the if a risk materializes, the PPP is not taken by surprise. In all Phases, expert knowledge should be consulted. This includes Senior management, other PPP managers that have experience from similar projects, and specialist within specific areas<ref name="PMIP"/>. Creating and populating the risk register tends to be an iterative process since new information can occur in the process and earlier steps need to reevaluated to find the optimal solution.
	During the lifetime of a PPP, the risk register should be evaluated to ensure the identification of possible new risk or a change in already known risks. The register should as a minimum be evaluated just before the starting of a new phase of the PPP.		During the lifetime of a PPP, the risk register should be evaluated to ensure the identification of possible new risk or a change in already known risks. The register should as a minimum be evaluated just before the starting of a new phase of the PPP.
	It is important that threats and opportunities are communicated to stakeholders. This is a continuous process during the lifecycle of the PPP, to ensure that everyone involved knows how to respond if a risk materializes.		It is important that threats and opportunities are communicated to stakeholders. This is a continuous process during the lifecycle of the PPP, to ensure that everyone involved knows how to respond if a risk materializes.

Jonas Samuelsen: /* Plan */

2018-02-28T13:31:41Z

Plan

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	==Plan ==		==Plan ==
	When all risks have been identified and assessed, the planning for the prober responds begins. In the planning consist of the actions to be taken if a risk materializes, and who should take action and execute the action plan. Those who should take action is called risk actionees. The should carry out the appropriate risk responds defined during the planning phase. When planning the response to threats, there are 6 possible responses. Avoid, Reduce, Fallback, Transfer, Accept, and Share<ref name="Project"/>. The appropriate response should reflect the probability and impact defined during the assess phase.		When all risks have been identified and assessed, the planning for the prober responds begins. In the planning consist of the actions to be taken if a risk materializes, and who should take action and execute the action plan. Those who should take action is called risk actionees. The should carry out the appropriate risk responds defined during the planning phase. When planning the response to threats, there are 6 possible responses. Avoid, Reduce, Fallback, Transfer, Accept, and Share<ref name="Project"/>. The appropriate response should reflect the probability and impact defined during the assess phase.

	*'''Avoid''' is when a threat both have high probability and high impact, the organization can normally not sustain them. Then the appropriate response should be to avoid them. This involves some degree of direct changes in the PPP.		*'''Avoid''' is when a threat both have high probability and high impact, the organization can normally not sustain them. Then the appropriate response should be to avoid them. This involves some degree of direct changes in the PPP.