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Project
Management
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Risk Log
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Sample
Document
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When a risk is identified, it must
be recorded in the Risk Log by the Project Manager and an initial
assessment made of the impact and probability of occurring. Each
week, the risk log should be reviewed by the project manager and Sponsor |
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The Process
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Interview
the project team, manager, sponsor and stakeholders |
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to let them know of the risk log, purpose and value |
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to encourage them to contribute risks and solutions
whenever they think of them |
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Encourage people to propose
avoidance solutions and contingency plans with the risks |
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Have the project team discuss the
risk log and update it at least every week.
Focus on action on the top
score risks. |
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Develop contingency plans only in
proportion to the score of the risk occurring, i.e. if the probability and
the impact are low then it should be enough just to have a contingency in
mind. If the probability
and/or the impact are high then it may be worth having the contingency
planned in some detail and provisionally resourced. |
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Use the benefit values to give an
indication of business impact of project failure. |
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Table the risk log at every meeting
of the steering committee, but only show the top score risks.
The steering committee can only give authority to the project
manager for contingency and solution actions recommended to them.
They are not there to solve the problem. |
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Liaise
constructively with the quality assurance and/or risk manager, who has the role of ensuring that risks
are being recognised and properly managed throughout the business. |
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Risk Log Contents
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The Risk Log describes the
following: |
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date each risk is first identified |
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a description of the risk |
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impact score |
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probability score |
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priority score |
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contingency or avoidance action proposed |
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owner of the action |
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date of last action |
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Use the log to record each risk. |
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All risks are scored for impact,
probability and sorted in descending score order. |
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Contingencies and avoidance actions
are shown with action dates, owners and tracking. |
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Risks are only scored down when the
person that identified the risk is satisfied that the risk is reduced. |
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Edinburgh, EH10 5HW
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