This tool is widely used within Risk Management for identifying, analysing and managing risks. In this context a project risk is essentially an uncertain event that, should it occur, will have an impact on the project (this could be positive or negative).
It contains the information on the identified and collected project risks that the project team identifies when estimating and adjusting the activity durations for risks.
The project team considers the extent to which the effects of risks are included in the baseline duration estimate for each schedule activity, particularly the risks with high impact.
|Risk Category||Risk Name||Risk Number||Probability (1-3)||Impact (1-3)||Risk Score||Mitigation||Contingency|
|Guests||The guests find the party boring||1.1.||2||2||4||Invite crazy friends, provide sufficient liquor||Bring out the karaoke|
|Guests||Drunken brawl||1.2.||1||3||3||Don’t invite crazy friends, don't provide too much liquor||Bring in the guards|
|Nature||Rain||2.1.||2||2||4||Have the party indoors||Move the party indoors|
|Nature||Earthquake or fire||2.2.||1||3||3||Start the party with instructions on what to do in the event of fire or earthquake||Implement the appropriate natural disaster response plan|
|Food||Not enough food||3.1.||1||2||2||Have a buffer||Order pizza|
|Food||Food is spoiled||3.2.||1||3||3||Get a trustworthy caterer||Order pizza|
In a "quantitative" risk register the descriptions are enumerated: for example a risk might have a "£1m" impact and a "50%" probability.
Contingent response - the actions to be taken should the risk event actually occur.
Contingency - the budget allocated to the contingent response
Trigger - an event that itself results in the risk event occurring (for example the risk event might be "flooding" and "heavy rainfall" the trigger)