RiskĪn uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.Ī summary of risk reflecting risks that have occurred, actions taken for risks, and the potential impacts to budget, timeline, and deliverables. This is where the risk report fits into the overall project management strategy – it is a risk summary reflecting the potential impacts to the budget, timeline, and deliverables which can convey key points to stakeholders. The risk of only using the risk register to convey the status of risk is the stakeholders will lose confidence in the work and that can lead to a lack of support. The CEO, a primary stakeholder, asks the project manager, “what is the status of the project’s risk? Are we at high risk for any problems?” If the project manager only shows the CEO the risk register in response, trying to convey how risk is being managed, there is a failure to communicate the overall status of risk management. The risk register may end up being quite lengthy (images of small font sizes and excel files that require seemingly endless scrolling could be flashing in your mind). If the project manager is conducting risk analysis and maintaining a list of identified risks in the risk register, what is the need for a risk report? The answer lies in understanding stakeholders and the ongoing communications required for any project.įor example, the team members are actively using the risk register to capture risks and potential mitigation strategies for each, as they should. Searching for the difference between the risk report, risk analysis, and risk register can be frustrating. However, there are foundational aspects of risk management that through the standards measured by Project Management Institute (PMI)’s PMP exam and their A Guide to the Project Management Body of Knowledge ( PMBOK® Guide), all PMP credential holders know. Depending on the industry, the type of project management methodology used, and the specific project management tools employed by an organization, there can be different levels of formal risk tools and documents used. The Project Management Professional (PMP)® certification exam seeks to assess one’s knowledge of all things project management, including risk management tools, activities, and documents.
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