Ranking Risks in the Risk Register

The goal of the Perform Qualitative Risk Analysis process is to rank the risks and determine which ones need further analysis and, eventually, risk response plans. The output of this process is risk register updates. According to the PMBOK® Guide, you'll update the register with the following information:

■ Risk ranking (or priority) for the identified risks

■ Risks grouped by categories

■ List of risks requiring near-term responses

■ List of risks that need additional analysis and response

■ Watch list of low-priority risks

■ Trends in qualitative risk analysis results

Each element becomes a new entry in the risk register. For example, risk ranking assigns the risk score or priority you determined using the probability and impact matrix to the list of identified risks previously recorded in the risk register. I discussed the categories and the list of risks requiring near-term responses earlier. Note these in the risk register.

You'll also note those risks that require further analysis (including using the Perform Quantitative Risk Analysis process), you'll create a list of risks that have low risk scores to review periodically, and you should note any trends in Perform Qualitative Risk Analysis that become evident as you perform this process.

Project Management Made Easy

Project Management Made Easy

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.

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