RiskRegister - Revision history

Kelvin: /* Big Idea */

2021-02-28T18:36:40Z

Big Idea

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	== '''Big Idea''' ==		== '''Big Idea''' ==

	==== The purpose ====		==== The purpose ====
	The risk register is both a part of the Project Management Institute Body of Knowledge (PMBOK) as well as PRINCE2, and hence, it is a widely-recognized tool to manage risk <ref name=''PMI-Project''> ''Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Project Management Institute.'' </ref><ref name=''PRINCE2''> ''Managing Successful Projects with PRINCE2. (2017). Managing Successful Projects With Prince2. The Stationery Office Ltd.'' </ref>.		The risk register is both a part of the Project Management Institute Body of Knowledge (PMBOK) as well as PRINCE2, and hence, it is a widely-recognized tool to manage risk <ref name=''PMI-Project''> ''Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Project Management Institute.'' </ref><ref name=''PRINCE2''> ''Managing Successful Projects with PRINCE2. (2017). Managing Successful Projects With Prince2. The Stationery Office Ltd.'' </ref>.

Kelvin: /* Application */

2021-02-28T18:36:26Z

Application

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	== '''Application''' ==		== '''Application''' ==

	==== How to ====		==== How to ====
	A risk register does not require any certain programs or tools although programs can be found for creating a risk register. It can simply be custructed by creating a document, spreadsheet, or something similar. The project manager can choose the option that is preferred and set up the risk register in four simple steps.		A risk register does not require any certain programs or tools although programs can be found for creating a risk register. It can simply be custructed by creating a document, spreadsheet, or something similar. The project manager can choose the option that is preferred and set up the risk register in four simple steps.

Kelvin: /* Relevant aspects */

2021-02-28T18:36:03Z

Relevant aspects

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	*''Risk owner'': The person responsible for managing the risk (there should be only one risk owner per risk)		*''Risk owner'': The person responsible for managing the risk (there should be only one risk owner per risk)
	*''Risk actionee'': The person(s) who will implement the action(s) described in the risk response. This may or may not be the same person as the risk owner."<ref name="PRINCE21"> ''Managing Successful Projects with PRINCE2. (2017). Managing Successful Projects With Prince2. The Stationery Office Ltd., Page 329'' </ref>		*''Risk actionee'': The person(s) who will implement the action(s) described in the risk response. This may or may not be the same person as the risk owner."<ref name="PRINCE21"> ''Managing Successful Projects with PRINCE2. (2017). Managing Successful Projects With Prince2. The Stationery Office Ltd., Page 329'' </ref>


	[[File:table.png\|900px\|thumb\|center\|This example is self-constructed and given as part of a made-up project concerning the construction of a 10 story building, and other risks might occur. For simplicity, they are left out.]]		[[File:table.png\|900px\|thumb\|center\|This example is self-constructed and given as part of a made-up project concerning the construction of a 10 story building, and other risks might occur. For simplicity, they are left out.]]


	Once the categories have been chosen and listed, for instance as a table as done in the example, the project manager can start filling in the information. Assigning the Risk Identifier is simply done by assigning a unique value to each risk, and upon assigning the impact and probability of a risk the project manager can choose to either assign numerical values or alphabetical values.		Once the categories have been chosen and listed, for instance as a table as done in the example, the project manager can start filling in the information. Assigning the Risk Identifier is simply done by assigning a unique value to each risk, and upon assigning the impact and probability of a risk the project manager can choose to either assign numerical values or alphabetical values.

Kelvin: /* Relevant aspects */

2021-02-28T18:35:48Z

Relevant aspects

← Older revision		Revision as of 18:35, 28 February 2021
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	*''Risk owner'': The person responsible for managing the risk (there should be only one risk owner per risk)		*''Risk owner'': The person responsible for managing the risk (there should be only one risk owner per risk)
	*''Risk actionee'': The person(s) who will implement the action(s) described in the risk response. This may or may not be the same person as the risk owner."<ref name="PRINCE21"> ''Managing Successful Projects with PRINCE2. (2017). Managing Successful Projects With Prince2. The Stationery Office Ltd., Page 329'' </ref>		*''Risk actionee'': The person(s) who will implement the action(s) described in the risk response. This may or may not be the same person as the risk owner."<ref name="PRINCE21"> ''Managing Successful Projects with PRINCE2. (2017). Managing Successful Projects With Prince2. The Stationery Office Ltd., Page 329'' </ref>


	[[File:table.png\|900px\|thumb\|center\|This example is self-constructed and given as part of a made-up project concerning the construction of a 10 story building, and other risks might occur. For simplicity, they are left out.]]		[[File:table.png\|900px\|thumb\|center\|This example is self-constructed and given as part of a made-up project concerning the construction of a 10 story building, and other risks might occur. For simplicity, they are left out.]]


	Once the categories have been chosen and listed, for instance as a table as done in the example, the project manager can start filling in the information. Assigning the Risk Identifier is simply done by assigning a unique value to each risk, and upon assigning the impact and probability of a risk the project manager can choose to either assign numerical values or alphabetical values.		Once the categories have been chosen and listed, for instance as a table as done in the example, the project manager can start filling in the information. Assigning the Risk Identifier is simply done by assigning a unique value to each risk, and upon assigning the impact and probability of a risk the project manager can choose to either assign numerical values or alphabetical values.

Kelvin: /* How to */

2021-02-28T18:35:36Z

How to

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	# Fill in the information on found risks		# Fill in the information on found risks
	# Follow up on risks that have been handled and maintain the document by adding new potential risks together with adjusting existing risks		# Follow up on risks that have been handled and maintain the document by adding new potential risks together with adjusting existing risks


	When applying the risk register, it is as mentioned important to create a simple yet detailed overview. By doing so, the project manager will be allowed to keep track of the important risks and opportunities related to the project. The project manager should, therefore together with the project support group, find the categories/aspects that they find most informative for the project and list these in the document. They should avoid overcomplicating the document in order to decrease complexity and hence preserve the overview that allows them to decide on how and what to act on.		When applying the risk register, it is as mentioned important to create a simple yet detailed overview. By doing so, the project manager will be allowed to keep track of the important risks and opportunities related to the project. The project manager should, therefore together with the project support group, find the categories/aspects that they find most informative for the project and list these in the document. They should avoid overcomplicating the document in order to decrease complexity and hence preserve the overview that allows them to decide on how and what to act on.

Kelvin: /* Annotated bibliography */

2021-02-28T18:19:18Z

Annotated bibliography

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	The PRINCE2 is originally a UK government standard for project management, that focuses on dividing projects into smaller more manageable tasks. It serves as a standard, as well as, a practitioner certification program. In this case, the PRINCE2 presents both a clear purpose and a relevant aspect to be included in the risk register. Therefore, it is relevant as it sets focus on the use of this tool and presents specific guidance for project managers on how to create and build the risk register. It also brings context to the tool and addresses, how this tool can be used and fit into a wider range of analysis to prevent and handle risk in projects.		The PRINCE2 is originally a UK government standard for project management, that focuses on dividing projects into smaller more manageable tasks. It serves as a standard, as well as, a practitioner certification program. In this case, the PRINCE2 presents both a clear purpose and a relevant aspect to be included in the risk register. Therefore, it is relevant as it sets focus on the use of this tool and presents specific guidance for project managers on how to create and build the risk register. It also brings context to the tool and addresses, how this tool can be used and fit into a wider range of analysis to prevent and handle risk in projects.

	'''Front-end definition of projects: Ten paradoxes and some reflections regarding project management and project governance, ~~Volume~~ 34, ~~Issue 2~~'''		'''Samset, K., & Volden, G. H. (2016). Front-end definition of projects: Ten paradoxes and some reflections regarding project management and project governance. International Journal of Project Management, 34(2),'''

	This article focuses on and discusses the processes happening and evolving in the early stage of a project. It addresses aspects and paradoxes related to decision-making in an early stage, where many decisions must be made. Here, the information will be low and uncertainty will be high indicating that there will be certain risks related to the undertaking of the project. Therefore, it touches upon important aspects when it comes to managing risks in a project, and shines a light upon when and where risk and uncertainty might affect decision-making.		This article focuses on and discusses the processes happening and evolving in the early stage of a project. It addresses aspects and paradoxes related to decision-making in an early stage, where many decisions must be made. Here, the information will be low and uncertainty will be high indicating that there will be certain risks related to the undertaking of the project. Therefore, it touches upon important aspects when it comes to managing risks in a project, and shines a light upon when and where risk and uncertainty might affect decision-making.

Kelvin: /* Annotated bibliography */

2021-02-28T18:18:48Z

Annotated bibliography

← Older revision		Revision as of 18:18, 28 February 2021
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	This article focuses on and discusses the processes happening and evolving in the early stage of a project. It addresses aspects and paradoxes related to decision-making in an early stage, where many decisions must be made. Here, the information will be low and uncertainty will be high indicating that there will be certain risks related to the undertaking of the project. Therefore, it touches upon important aspects when it comes to managing risks in a project, and shines a light upon when and where risk and uncertainty might affect decision-making.		This article focuses on and discusses the processes happening and evolving in the early stage of a project. It addresses aspects and paradoxes related to decision-making in an early stage, where many decisions must be made. Here, the information will be low and uncertainty will be high indicating that there will be certain risks related to the undertaking of the project. Therefore, it touches upon important aspects when it comes to managing risks in a project, and shines a light upon when and where risk and uncertainty might affect decision-making.

	'''Managing overall project risk, Paper presented at PMI® Global Congress 2014—EMEA'''		'''Hillson, D. (2014). Managing overall project risk. Paper presented at PMI® Global Congress 2014—EMEA, Dubai, United Arab Emirates. Newtown Square, PA: Project Management Institute.'''

	As this paper is presented by PMI, it aligns with previously introduced literature, but introduces a more critical point of view upon risk assessment and its limitations. Here, the focus is upon the link between individuel risk and their contribution to the understanding of a more overall perception of risk within projects referred to as "overall project risk". Therefore, this also applies to risk added to the risk register and discus the limitations of these.		As this paper is presented by PMI, it aligns with previously introduced literature, but introduces a more critical point of view upon risk assessment and its limitations. Here, the focus is upon the link between individuel risk and their contribution to the understanding of a more overall perception of risk within projects referred to as "overall project risk". Therefore, this also applies to risk added to the risk register and discus the limitations of these.

Kelvin: /* Annotated bibliography */

2021-02-28T18:18:22Z

Annotated bibliography

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	The PMBOK that was overseen by The Project Management Institute (PMI) sets the American standard for the way of doing project management. It is a flagship within project management in any industry and its explanation and inclusion of the risk register play a vital role in the decimation and acknowledgment of this tool. It includes many aspects related to risk and hence provides context to the risk register and how it can be used to support projects.		The PMBOK that was overseen by The Project Management Institute (PMI) sets the American standard for the way of doing project management. It is a flagship within project management in any industry and its explanation and inclusion of the risk register play a vital role in the decimation and acknowledgment of this tool. It includes many aspects related to risk and hence provides context to the risk register and how it can be used to support projects.

	'''Managing ~~Succesful~~ Projects with PRINCE2~~, Edition~~ 2017'''		'''Managing Successful Projects with PRINCE2. (2017). Managing Successful Projects With Prince2. The Stationery Office Ltd.'''

	The PRINCE2 is originally a UK government standard for project management, that focuses on dividing projects into smaller more manageable tasks. It serves as a standard, as well as, a practitioner certification program. In this case, the PRINCE2 presents both a clear purpose and a relevant aspect to be included in the risk register. Therefore, it is relevant as it sets focus on the use of this tool and presents specific guidance for project managers on how to create and build the risk register. It also brings context to the tool and addresses, how this tool can be used and fit into a wider range of analysis to prevent and handle risk in projects.		The PRINCE2 is originally a UK government standard for project management, that focuses on dividing projects into smaller more manageable tasks. It serves as a standard, as well as, a practitioner certification program. In this case, the PRINCE2 presents both a clear purpose and a relevant aspect to be included in the risk register. Therefore, it is relevant as it sets focus on the use of this tool and presents specific guidance for project managers on how to create and build the risk register. It also brings context to the tool and addresses, how this tool can be used and fit into a wider range of analysis to prevent and handle risk in projects.

Kelvin: /* Annotated bibliography */

2021-02-28T18:18:00Z

Annotated bibliography

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	== '''Annotated bibliography''' ==		== '''Annotated bibliography''' ==
	'''Project Management: A ~~guide~~ to the Project Management Body of Knowledge (~~PMBOK guide), 6th Edition (2017~~)'''		'''Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Project Management Institute.'''

	The PMBOK that was overseen by The Project Management Institute (PMI) sets the American standard for the way of doing project management. It is a flagship within project management in any industry and its explanation and inclusion of the risk register play a vital role in the decimation and acknowledgment of this tool. It includes many aspects related to risk and hence provides context to the risk register and how it can be used to support projects.		The PMBOK that was overseen by The Project Management Institute (PMI) sets the American standard for the way of doing project management. It is a flagship within project management in any industry and its explanation and inclusion of the risk register play a vital role in the decimation and acknowledgment of this tool. It includes many aspects related to risk and hence provides context to the risk register and how it can be used to support projects.

Kelvin: /* Limitations */

2021-02-28T18:16:34Z

Limitations

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	As the risk register is used throughout a project and impacts the decision-making of the project manager, the manager needs to know which conclusions he/she can draw from this tool and which aspects are outside the scope of this tool.		As the risk register is used throughout a project and impacts the decision-making of the project manager, the manager needs to know which conclusions he/she can draw from this tool and which aspects are outside the scope of this tool.

	First, the project manager should be aware of who’s interest and hence risk the register refers to. One stakeholders’ risk might not be the risk of another stakeholder and thus, it does not represent both stakeholders’ interests and precautions. The risks included in the risk register might also not refer to the same areas in a project, and therefore, the project manager will have to include enough relevant aspects from the project to grasp all areas of the project and hence its related risks. At the same time, the project manager must however be aware, that certain risks might only affect parts of the project, and therefore, their influence might be of different characteristics and hence they can not give the total risk of the project as a whole <ref name="PMI1"> ''Managing overall project risk, Paper presented at PMI® Global Congress 2014—EMEA'' </ref>.		First, the project manager should be aware of who’s interest and hence risk the register refers to. One stakeholders’ risk might not be the risk of another stakeholder and thus, it does not represent both stakeholders’ interests and precautions. The risks included in the risk register might also not refer to the same areas in a project, and therefore, the project manager will have to include enough relevant aspects from the project to grasp all areas of the project and hence its related risks. At the same time, the project manager must however be aware, that certain risks might only affect parts of the project, and therefore, their influence might be of different characteristics and hence they can not give the total risk of the project as a whole <ref name="PMI1"> ''Hillson, D. (2014). Managing overall project risk. Paper presented at PMI® Global Congress 2014—EMEA, Dubai, United Arab Emirates. Newtown Square, PA: Project Management Institute.'' </ref>.

	As there will be different interests and thereby risks, as well as, areas of impact, opportunities, etc. the project manager will somewhat contribute to the risk register and hence the project with some bias. This means, that it will be the project manager's perspective and opinion on certain risks that will dominate the risk register. An example of this could be if numerical values are assigned to the impact or probability of a risk. Here, the numerical value will illustrate a perception of a potential risk, and hence be based on the project managers as well as the project support groups understanding of that risk <ref name=''https://www.civilsociety.co.uk/finance/why-risk-registers-don-t-do-enough-to-help-you-manage-risks.html''> ''https://www.civilsociety.co.uk/finance/why-risk-registers-don-t-do-enough-to-help-you-manage-risks.html, visited 18/02/2021'' </ref>. In this regard, the project manager is expected to secure the project’s interest, and he/she will be the one responsible for the risk register in order to secure the project's interest rather than a particular stakeholder’s interest, for example.		As there will be different interests and thereby risks, as well as, areas of impact, opportunities, etc. the project manager will somewhat contribute to the risk register and hence the project with some bias. This means, that it will be the project manager's perspective and opinion on certain risks that will dominate the risk register. An example of this could be if numerical values are assigned to the impact or probability of a risk. Here, the numerical value will illustrate a perception of a potential risk, and hence be based on the project managers as well as the project support groups understanding of that risk <ref name=''https://www.civilsociety.co.uk/finance/why-risk-registers-don-t-do-enough-to-help-you-manage-risks.html''> ''https://www.civilsociety.co.uk/finance/why-risk-registers-don-t-do-enough-to-help-you-manage-risks.html, visited 18/02/2021'' </ref>. In this regard, the project manager is expected to secure the project’s interest, and he/she will be the one responsible for the risk register in order to secure the project's interest rather than a particular stakeholder’s interest, for example.