The Risk Register is a simple method to record the potential risks during a project. The risks need to be assessed from time to time so that potentially they can be mitigated.
I was told to create a simple Risk Register form ant put down potential risks. The Risk Register form at least should contain the following fields:
- Risk Description
- Probability (how likely it occurs)
- Impact to the project
- Mitigation Methods (What are proposed to reduce the probability and impact)
Complex Risk Register Forms could extend fields to:
- Date Raised
- Risk Owner
- Mitigation Costs
- Contingent action
- Progress on actions
etc. I have made a very simple Risk Register Form (template) in Microsoft Excel Format (.xlsx) and I would like to share with you:
Risk Register Template Download: https://rot47.net/bv
The probability (or likelihood) is estimated by values (could be float) from 1 to 3 with 1 unlikely and 3 means highly likely. The Impact is also assessed by scores 1 to 3 with 1 means low and 3 means great impact.
If we multiple probability and impact, we get a product which is from 1 to 9, and we can divide into three ranges:
- 1 to 3 – Low
- 4 to 6 – Medium
- 7 to 9 – High
In Excel spreadsheet, the Risk Assessment column is entered as
=IF(F2<=3, "Low", IF(F2<=6, "Medium", "Great"))
Risk Register is very useful in monitor the progress of a project and can control the risks and save the project.
You may also like: 工程管理中的风险评估表格
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