Risk Log

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In Projects, the most unavoidable aspect is Uncertainty, even the most proficient Managers faces difficulty to handle it. Various techniques are used by them like decision milestones to be expected outcomes, risk management for prevention of disasters and some uses computational procedure taken from previous projects to get indemnity of Desired deliverables, nonetheless, the project runs out of scheduled time, Increased Budget and compromise with the quality. Or sometimes it may fail. (Managing project uncertainity: Froam variation to chaos, 2002) Conventional tools and activities are used such as work breakdown structure, Schedules and cost estimate all are proposed to be related to Risk Management. Though, the key management tool is Risk Log/Register. It is a record of identified risks, including results of analysis and planned responses. It is used in a range of project management activities; for example, it is one of the tools to control the project, to document lessons learned, or is used in procurement planning. (How to DO projects, 2017) The Log for Risks is mainly used to document the Unforeseen risks which Come into the picture at the time of the project life cycle. And this document helps To Assess the risks for future projects and makes us prepared in advance for the unforeseen risks which now becomes foreseen risks for the next project. This article will try to explain How to create Risk Log for a project with a probable format and the application tools of using it in Risk management. Moreover, the article will try to show the correlation of different aspect of risk management in the relation of Risk log. Risk log involving various input activities done by Project managers Such as risk identification, Assessment, treatment and monitoring the status of risk.

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Risk Identification

Throughout the life cycle of projects, various risks may arrive with different impact on the project in terms of Time, Scope and cost variations. Moreover, the new risks may become foreseen ones as the project progresses and the level of impact on the project may change with the progress of the project. Sometimes the risk may have negative effect defined as ‘Threats’.