Risk Register analysis

Revision as of 21:21, 14 February 2021

Developed by Dorothea Georgiadou

In an age where the economic, social, and political environment is constantly shifting, there is an urgent need to study the risks that may threaten the success of a project. It is particularly important to study the risks that may adversely affect the project and lead to events that might have as a cause the exceeding of the agreed budget and time. For this reason, the risk management planning should identify and describe in detail the potential risks by providing the needed information for the actions that should be done for eliminating their negative impact. The high uncertainty that exists in projects necessitates the use of a management tool that will control the risks. ^[1] In this article the risk management framework ‘’Risk register’’ is explained. Risk register is a tool that covers and studies many aspects of risk management processes. More specifically, the aim of this article is to explain how this tool can be used for the identification, assessment, and treatment of potential risks. Moreover, the importance of the risk register in the risk analysis process is outlined, as not only the qualitative aspects of a project are taken into consideration but also it prioritizes the risks based on their impact and probability to happen during the implementation phase of a project. This constitutes one of the positive features of this framework as through the analysis of this article it can be concluded that risk register helps project managers to have a better understanding and ways of managing the potential risks. Finally, the article analyzes along with the benefits the limitations of this risk management tool.

Introduction

Tool Explenation

Importance of Risk Register

Methodology

Identification

Assess

Treat

Reflections

Advantages

Disadvantages

References

1. ↑ PMI Standard for Risk Management (2019)