The risk register is started during the Identify Risks process. The risk register is updated with information from Perform Qualitative Risk Analysis and the updated risk register is included in the project documents. The risk register updates from Perform Qualitative Risk Analysis include:
• Relative ranking or priority list of project risks. The probability and impact matrix can be used to classify risks according to their individual significance. Using combinations of each risk's probability of occurring and impact on objectives if it were to occur, risks will be prioritized relative to each other by sorting them into groups of "high risk," "moderate risk" and "low risk." Risks may be listed by priority separately for schedule, cost and performance, since organizations may value one objective over another. The project manager can then use the prioritized list of risks to focus attention on those items of high significance (high risk) to the most important objectives, where responses can lead to better project outcomes. A description of the basis for the assessed probability and impact should be included for risks assessed as important to the project.
• Risks grouped by categories. Risk categorization can reveal common root.
• Causes of risk or project areas requiring particular attention. Discovering concentrations of risk may improve the effectiveness of risk responses.
• List of risks requiring response in the near-term. Those risks that require an urgent response and those that can be handled at a later date may be put into different groups.
• List of risks for additional analysis and response. Some risks might warrant more analysis, including Quantitative Risk Analysis, as well as response action.
• Watchlists of low priority risks. Risks that are not assessed as important in the Perform Qualitative Risk Analysis process can be placed on a watchlist for continued monitoring.
• Trends in qualitative risk analysis results. As the analysis is repeated, a trend for particular risks may become apparent, and can make risk response or further analysis more or less urgent/important.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.