Risk Register analysis - Revision history

Dorothea Georgiadou: /* How Risk register is used ? */

2021-02-28T21:51:12Z

How Risk register is used ?

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	[[File:table1111.png‎\|center\|thumb\|600px\|Figure 2: Risk Register table (own figure, based on the discussion above)]]		[[File:table1111.png‎\|center\|thumb\|600px\|Figure 2: Risk Register table (own figure, based on the discussion above)]]

	==How Risk ~~register~~ is used ? ==		==How Risk Register is used ? ==
	In order to have an in-depth understanding of the risk register, it is of utmost importance to analyse the way that it can be used. The tool aims to eliminate the negative impacts of the various threats by identifying, assessing, evaluating, and monitoring them. The following sections provide a guidance on how the four processes of risk register can be implemented.		In order to have an in-depth understanding of the risk register, it is of utmost importance to analyse the way that it can be used. The tool aims to eliminate the negative impacts of the various threats by identifying, assessing, evaluating, and monitoring them. The following sections provide a guidance on how the four processes of risk register can be implemented.
	=== 1. How to identify the risks ===		=== 1. How to identify the risks ===

Dorothea Georgiadou: /* Why use risk register? */

2021-02-28T21:50:54Z

Why use risk register?

← Older revision		Revision as of 21:50, 28 February 2021
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	In an age where the economic, social, and political environment is constantly shifting, there is an urgent need to study the risks that may threaten the success of a project. It is particularly important to study the risks that may adversely affect the project and lead to events that might have as a consequence the exceeding of the agreed budget and time. For this reason, the risk management planning should identify and describe in detail the potential risks by providing the needed information for the actions that should be done for eliminating their negative impact. The high uncertainty that exists in projects necessitates the use of a management tool that will control the risks. <ref name="Pmi"> Project Mangement Institute. "Practice standard for project risk management." Project Management Institute, 2009. </ref> In this article the risk management framework ‘’Risk register’’ is explained. The risk register is a tool that covers and studies many aspects of risk management processes. More specifically, the aim of this article is to explain how this tool can be used to document the outcomes of the risk management processes. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013, Retrieved from: https://doi.org/10.14256/JCE.722.2012 </ref> The article provides a description of the tool along with the reasons that it should be used. It is a framework that aims to record the information from the processes related to the identification, assessment, responding, and monitoring of potential risks. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref>. Finally, the article analyzes along with the benefits also the limitations of this risk management tool.		In an age where the economic, social, and political environment is constantly shifting, there is an urgent need to study the risks that may threaten the success of a project. It is particularly important to study the risks that may adversely affect the project and lead to events that might have as a consequence the exceeding of the agreed budget and time. For this reason, the risk management planning should identify and describe in detail the potential risks by providing the needed information for the actions that should be done for eliminating their negative impact. The high uncertainty that exists in projects necessitates the use of a management tool that will control the risks. <ref name="Pmi"> Project Mangement Institute. "Practice standard for project risk management." Project Management Institute, 2009. </ref> In this article the risk management framework ‘’Risk register’’ is explained. The risk register is a tool that covers and studies many aspects of risk management processes. More specifically, the aim of this article is to explain how this tool can be used to document the outcomes of the risk management processes. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013, Retrieved from: https://doi.org/10.14256/JCE.722.2012 </ref> The article provides a description of the tool along with the reasons that it should be used. It is a framework that aims to record the information from the processes related to the identification, assessment, responding, and monitoring of potential risks. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref>. Finally, the article analyzes along with the benefits also the limitations of this risk management tool.

	== Why use ~~risk register~~? ==		== Why use Risk Register? ==
	In an ever-changing environment, a projects’ success is associated with a high level of uncertainty. In the ''‘Practice Standard for Project Risk Management’'', risk management is an approach that plays a vital role in the strategic and decision-making processes since adjustments in the project management planning can be done after the identification of the projects’ challenges. The risk register framework is used to support the risk management process in order to eliminate the negative impact that the various threats might have on a project. Threats could come from the external and internal environment of the company. The external risks are associated with the economic, social, political, and technological environment, while the internal threats include risks that are related to human actions and estimations. <ref name="Pmi" /> <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref>. For example, it is possible for people to make wrong estimations because of inexperience and underestimation of some threats. This high level of uncertainty makes it increasingly necessary to use a model that assists the risk management process in a more effective way. <ref name="Pmi" /> <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref>.		In an ever-changing environment, a projects’ success is associated with a high level of uncertainty. In the ''‘Practice Standard for Project Risk Management’'', risk management is an approach that plays a vital role in the strategic and decision-making processes since adjustments in the project management planning can be done after the identification of the projects’ challenges. The risk register framework is used to support the risk management process in order to eliminate the negative impact that the various threats might have on a project. Threats could come from the external and internal environment of the company. The external risks are associated with the economic, social, political, and technological environment, while the internal threats include risks that are related to human actions and estimations. <ref name="Pmi" /> <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref>. For example, it is possible for people to make wrong estimations because of inexperience and underestimation of some threats. This high level of uncertainty makes it increasingly necessary to use a model that assists the risk management process in a more effective way. <ref name="Pmi" /> <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref>.
	=== The role of Risk Register ===		=== The role of Risk Register ===

Dorothea Georgiadou: /* Why use risk register? */

2021-02-28T21:45:03Z

Why use risk register?

← Older revision		Revision as of 21:45, 28 February 2021
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	== Why use risk register? ==		== Why use risk register? ==
	In an ever-changing environment, a projects’ success is associated with a high level of uncertainty. In the ‘Practice Standard for Project Risk Management’, risk management is an approach that plays a vital role in the strategic and decision-making processes since adjustments in the project management planning can be done after the identification of the projects’ challenges. The risk register framework is used to support the risk management process in order to eliminate the negative impact that the various threats might have on a project. Threats could come from the external and internal environment of the company. The external risks are associated with the economic, social, political, and technological environment, while the internal threats include risks that are related to human actions and estimations. <ref name="Pmi" /> <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref>. For example, it is possible for people to make wrong estimations because of inexperience and underestimation of some threats. This high level of uncertainty makes it increasingly necessary to use a model that assists the risk management process in a more effective way. <ref name="Pmi" /> <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref>.		In an ever-changing environment, a projects’ success is associated with a high level of uncertainty. In the ''‘Practice Standard for Project Risk Management’'', risk management is an approach that plays a vital role in the strategic and decision-making processes since adjustments in the project management planning can be done after the identification of the projects’ challenges. The risk register framework is used to support the risk management process in order to eliminate the negative impact that the various threats might have on a project. Threats could come from the external and internal environment of the company. The external risks are associated with the economic, social, political, and technological environment, while the internal threats include risks that are related to human actions and estimations. <ref name="Pmi" /> <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref>. For example, it is possible for people to make wrong estimations because of inexperience and underestimation of some threats. This high level of uncertainty makes it increasingly necessary to use a model that assists the risk management process in a more effective way. <ref name="Pmi" /> <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref>.
	=== The role of Risk Register ===		=== The role of Risk Register ===
	In ''‘Practice Standard for Project Risk Management’'', the risk register is defined as the framework that is used in project risk management for the documentation of the identified risks. It records all the needed information that will be the steppingstone to overcome the risks that might menace projects' success. <ref name="Pmi" /> It is worth noting that based on ''‘PRINCE2’'', the risks are divided into threats and opportunities. Threats are the risks that could have negative consequences for the project, while opportunities could bring positive outcomes to the company. <ref name="PRINCE"> Project Management: "Managing Successful Projects with PRINCE2" 6th Edition (2017) Retrieved from: https://ebookcentral-proquest-com.proxy.findit.dtu.dk/lib/DTUDK/detail.action?docID=4863041</ref> The article is mainly focused on the documentation of the various threats in the risk register. The importance of the tool is highlighted in the fact that it can assist project managers with tackling potential threats and to have a better and clearer overview of the internal and external risks that might negatively affect the success of the project. <ref name="oo"> What Is a Risk Register in Project Management? Retrieved from: https://www.wrike.com/blog/what-is-a-risk-register-project-management/, Accessed on 20/02/2021 </ref> The aim of the risk register is to record information related to the identification, assessment, evaluation of importance, and managing of the potential risks. <ref name="Pmi" /> <ref name="PRINCE" /> More specifically, the uncertainty that exists in projects makes it necessary to use a model that provides various information for the events that could threaten the projects. <ref name="Pmi" />		In ''‘Practice Standard for Project Risk Management’'', the risk register is defined as the framework that is used in project risk management for the documentation of the identified risks. It records all the needed information that will be the steppingstone to overcome the risks that might menace projects' success. <ref name="Pmi" /> It is worth noting that based on ''‘PRINCE2’'', the risks are divided into threats and opportunities. Threats are the risks that could have negative consequences for the project, while opportunities could bring positive outcomes to the company. <ref name="PRINCE"> Project Management: "Managing Successful Projects with PRINCE2" 6th Edition (2017) Retrieved from: https://ebookcentral-proquest-com.proxy.findit.dtu.dk/lib/DTUDK/detail.action?docID=4863041</ref> The article is mainly focused on the documentation of the various threats in the risk register. The importance of the tool is highlighted in the fact that it can assist project managers with tackling potential threats and to have a better and clearer overview of the internal and external risks that might negatively affect the success of the project. <ref name="oo"> What Is a Risk Register in Project Management? Retrieved from: https://www.wrike.com/blog/what-is-a-risk-register-project-management/, Accessed on 20/02/2021 </ref> The aim of the risk register is to record information related to the identification, assessment, evaluation of importance, and managing of the potential risks. <ref name="Pmi" /> <ref name="PRINCE" /> More specifically, the uncertainty that exists in projects makes it necessary to use a model that provides various information for the events that could threaten the projects. <ref name="Pmi" />

Dorothea Georgiadou: /* Elements of Risk Register */

2021-02-28T21:41:40Z

Elements of Risk Register

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	[[File:Screenshot 2021-02-25 221935.png‎\|center\|thumb\|310px\|Figure 1: Implementation steps of Risk Register (own figure, based on <ref name="Pmi" />,<ref name="ot" /> and <ref name="PRINCE"/>) ]]		[[File:Screenshot 2021-02-25 221935.png‎\|center\|thumb\|310px\|Figure 1: Implementation steps of Risk Register (own figure, based on <ref name="Pmi" />,<ref name="ot" /> and <ref name="PRINCE"/>) ]]

	Risk register has the form of a table where each column represents different characteristics of the potential risks.<ref name="latvia"> Project Risk Register Analysis Based on the Theoretical Analysis of Project Management Notion of Risk, Juris Uzulāns, University of Latvia, 2016 Retrieved from: https://~~content~~.~~sciendo~~.~~com~~/~~configurable/contentpage/journals$002feb$002f29$002f1$002farticle~~-~~p43.xml~~ </ref> In order to start building the risk register the first step is the identification of the risks. Once the potential threats are known it is vital to provide a brief description for each one. <ref name="Pmi" /> This helps the project managers not only to clarify the risks but also to understand why they are threatening the project’s success. Secondly, for the assessment of the risks, their probability and impact on the project are examined. Furthermore, in'' ‘Practice Standard for Project Risk Management’'' it is stated that the evaluation of the risk is depending on their impact and their frequency to happen.<ref name="Pmi" /> For instance, the risks that have high impact and probability to occur, are risks with higher importance than the risks with low frequency and impact. The identification of the risks’ importance is an essential element for project managers to know which risks are needed more attention and time for setting up a plan in order to overcome them. <ref name="Pmi" /> Furthermore, based on the ''‘PMBOK guide’'' the risk register also includes information about the person who must tackle every risk and the actions that he has to take to eliminate its negative consequences. <ref name="ot" /> Finally, the risks should be monitored in order to prevent unexpected events. <ref name="Pmi" /> The above elements are demanding high attention as they are mainly focused on dominant areas of the risk management process which are the identification of the threats, the evaluation of their importance, the course of action that should be taken to respond and control them. Figure 2 illustrates the risk register table based on the discussion above.		Risk register has the form of a table where each column represents different characteristics of the potential risks.<ref name="latvia"> Project Risk Register Analysis Based on the Theoretical Analysis of Project Management Notion of Risk, Juris Uzulāns, University of Latvia, 2016 Retrieved from: https://doi.org/10.1515/eb-2016-0020 </ref> In order to start building the risk register the first step is the identification of the risks. Once the potential threats are known it is vital to provide a brief description for each one. <ref name="Pmi" /> This helps the project managers not only to clarify the risks but also to understand why they are threatening the project’s success. Secondly, for the assessment of the risks, their probability and impact on the project are examined. Furthermore, in'' ‘Practice Standard for Project Risk Management’'' it is stated that the evaluation of the risk is depending on their impact and their frequency to happen.<ref name="Pmi" /> For instance, the risks that have high impact and probability to occur, are risks with higher importance than the risks with low frequency and impact. The identification of the risks’ importance is an essential element for project managers to know which risks are needed more attention and time for setting up a plan in order to overcome them. <ref name="Pmi" /> Furthermore, based on the ''‘PMBOK guide’'' the risk register also includes information about the person who must tackle every risk and the actions that he has to take to eliminate its negative consequences. <ref name="ot" /> Finally, the risks should be monitored in order to prevent unexpected events. <ref name="Pmi" /> The above elements are demanding high attention as they are mainly focused on dominant areas of the risk management process which are the identification of the threats, the evaluation of their importance, the course of action that should be taken to respond and control them. Figure 2 illustrates the risk register table based on the discussion above.

	[[File:table1111.png‎\|center\|thumb\|600px\|Figure 2: Risk Register table (own figure, based on the discussion above)]]		[[File:table1111.png‎\|center\|thumb\|600px\|Figure 2: Risk Register table (own figure, based on the discussion above)]]

Dorothea Georgiadou at 21:39, 28 February 2021

2021-02-28T21:39:55Z

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	Developed by Dorothea Georgiadou		Developed by Dorothea Georgiadou

	In an age where the economic, social, and political environment is constantly shifting, there is an urgent need to study the risks that may threaten the success of a project. It is particularly important to study the risks that may adversely affect the project and lead to events that might have as a consequence the exceeding of the agreed budget and time. For this reason, the risk management planning should identify and describe in detail the potential risks by providing the needed information for the actions that should be done for eliminating their negative impact. The high uncertainty that exists in projects necessitates the use of a management tool that will control the risks. <ref name="Pmi"> Project Mangement Institute. "Practice standard for project risk management." Project Management Institute, 2009. </ref> In this article the risk management framework ‘’Risk register’’ is explained. The risk register is a tool that covers and studies many aspects of risk management processes. More specifically, the aim of this article is to explain how this tool can be used to document the outcomes of the risk management processes. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013, Retrieved from:https://~~www~~.~~researchgate~~.~~net~~/~~publication/263528336_Risk_register_developement_and_implementation_for_construction_projects~~ </ref> The article provides a description of the tool along with the reasons that it should be used. It is a framework that aims to record the information from the processes related to the identification, assessment, responding, and monitoring of potential risks. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref>. Finally, the article analyzes along with the benefits also the limitations of this risk management tool.		In an age where the economic, social, and political environment is constantly shifting, there is an urgent need to study the risks that may threaten the success of a project. It is particularly important to study the risks that may adversely affect the project and lead to events that might have as a consequence the exceeding of the agreed budget and time. For this reason, the risk management planning should identify and describe in detail the potential risks by providing the needed information for the actions that should be done for eliminating their negative impact. The high uncertainty that exists in projects necessitates the use of a management tool that will control the risks. <ref name="Pmi"> Project Mangement Institute. "Practice standard for project risk management." Project Management Institute, 2009. </ref> In this article the risk management framework ‘’Risk register’’ is explained. The risk register is a tool that covers and studies many aspects of risk management processes. More specifically, the aim of this article is to explain how this tool can be used to document the outcomes of the risk management processes. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013, Retrieved from: https://doi.org/10.14256/JCE.722.2012 </ref> The article provides a description of the tool along with the reasons that it should be used. It is a framework that aims to record the information from the processes related to the identification, assessment, responding, and monitoring of potential risks. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref>. Finally, the article analyzes along with the benefits also the limitations of this risk management tool.

	== Why use risk register? ==		== Why use risk register? ==

Dorothea Georgiadou: /* Annotated bibliography */

2021-02-28T21:23:13Z

Annotated bibliography

← Older revision		Revision as of 21:23, 28 February 2021
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	* ''Project Management: "Managing Successful Projects with PRINCE2" 6th Edition (2017)''		* ''Project Management: "Managing Successful Projects with PRINCE2" 6th Edition (2017)''
	This book is focused on how to manage projects based on PRINCE2 principles. It describes the activities that a project needs based on its implementation stage. Risks analysis is also explained in one of the chapters of the book. In this book, the various stages of the risk management process are explained by providing the needing theory and figures. ~~The design of~~ figure 1 ~~of the article~~ is inspired by one of the illustrations of the book. However, the risk register model is also not illustrated in one of the pages of the book and that could be considered as a negative point.		This book is focused on how to manage projects based on PRINCE2 principles. It describes the activities that a project needs based on its implementation stage. Risks analysis is also explained in one of the chapters of the book. In this book, the various stages of the risk management process are explained by providing the needing theory and figures. For example, the article's figure 1 is inspired by one of the illustrations of the book. However, the risk register model is also not illustrated in one of the pages of the book and that could be considered as a negative point.

	* ''Project Management: A guide to the Project Management Body of Knowledge (PMBOK guide) 6th Edition (2017)''		* ''Project Management: A guide to the Project Management Body of Knowledge (PMBOK guide) 6th Edition (2017)''

Dorothea Georgiadou: /* Annotated bibliography */

2021-02-28T21:20:10Z

Annotated bibliography

← Older revision		Revision as of 21:20, 28 February 2021
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	==Annotated bibliography==		==Annotated bibliography==
	* '' "Practice standard for project risk management." Project Management Institute, 2009.''		* '' "Practice standard for project risk management." Project Management Institute, 2009.''
	This book is based on the PMBOK Guide– Fourth Edition. It is a book about the risk management processes that a project has to follow. It analyses the techniques for the identification, assessment, responding, and controlling of the risks. In this book, the reader can find information for the risk register model and how it is involved in all the previously mentioned processes. Although the book provides many details of how to manage risks, it does not illustrate the risk register table. For this reason, the visualization of the table in this article is based on the theoretical outcomes of the book and not on the graphical illustrations included in it.		This book is based on the PMBOK Guide– Fourth Edition. It is a book about the risk management processes that a project has to follow. It analyses the techniques for the identification, assessment, responding, and controlling of the risks. In this book, the reader can find information for the risk register model and how it is involved in all the previously mentioned processes. Although the book provides many details on how to manage risks, it does not illustrate the risk register table. For this reason, the visualization of the table in this article is based on the theoretical outcomes of the book and not on the graphical illustrations included in it.

	* ''Project Management: "Managing Successful Projects with PRINCE2" 6th Edition (2017)''		* ''Project Management: "Managing Successful Projects with PRINCE2" 6th Edition (2017)''

Dorothea Georgiadou: /* Reflections */

2021-02-28T21:19:13Z

Reflections

← Older revision		Revision as of 21:19, 28 February 2021
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	While many positive outcomes can arise from the use of the risk register framework, there are also some limitations that are worth mentioning. In this section, the advantages and limitations of the risk register framework are discussed.		While many positive outcomes can arise from the use of the risk register framework, there are also some limitations that are worth mentioning. In this section, the advantages and limitations of the risk register framework are discussed.
	=== Advantages ===		=== Advantages ===
	The risk register is used to document information about the various risks that have been identified not only at the very early stages but also throughout the whole lifecycle of the project. This is an extremely beneficial characteristic of the tool that can be used for the assessment of a project's performance as well as for the strategic and decision-making processes that are related to risk management. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> More specifically, as the project is developing, the amount of gathered information is growing which means that new risks will be identified to threaten the project's success. The risk register table is storing the information from the risks that already have been identified and evaluated, and once new treats have been found, the table is expanded with the new data. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> <ref name="Pmi" /> This could be vital for the overall success of the project since the new risk could be well communicated among the stakeholders and thus they will be informed for the new actions they have to take in order to eliminate the negative impact of the threats. Additionally, the table includes information that is the output of the qualitative risk analysis. <ref name="Pmi" /> <ref name="ot"> Project Management Institute, Project Management: A guide to the Project Management Body of Knowledge (PMBOK guide) 6th Edition (2017), Retrieved from:https://app-knovel-com.proxy.findit.dtu.dk/web/toc.v/cid:kpGPMBKP02/viewerType:toc/root_slug:viewerType%3Atoc/url_slug:root_slug%3Aguide-project-management?kpromoter=federation </ref> <ref name="fd"> Why risk registers don't do enough to help you manage risks, https://www.civilsociety.co.uk/finance/why-risk-registers-don-t-do-enough-to-help-you-manage-risks.html, Accessed on 22/02/2020 </ref> In other words, in the qualitative analysis, it is examined how possible is for a risk to take place and the impact that it will have on the project. This analysis is used to prioritize the risks based on their importance. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> <ref name="Pmi" /> Once the risks are ranked, the stakeholders are informed of the threats that they have to pay more attention to. This means that they might have to spend more time planning a strategy around these risks as they will have a higher impact. Finally, the risk register is an advantageous tool for complex projects. When a project is very complex, it's important to use tools that could break down the planning processes. Risk register, due to its structure, provides the needed information for every risk from the moment it is identified. <ref name="oo"> What Is a Risk Register in Project Management? Retrieved from: https://www.wrike.com/blog/what-is-a-risk-register-project-management/, Accessed on 20/02/2021 </ref>		The risk register is used to document information about the various risks that have been identified not only at the very early stages but also throughout the whole lifecycle of the project. This is an extremely beneficial characteristic of the tool that can be used for the assessment of a project's performance as well as for the strategic and decision-making processes that are related to risk management. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> More specifically, as the project is developing, the amount of gathered information is growing which means that new risks will be identified to threaten the project's success. The risk register table is storing the information from the risks that already have been identified and evaluated, and once new treats have been found, the table is expanded with the new data. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> <ref name="Pmi" /> This could be vital for the overall success of the project since the new risk could be well communicated among the stakeholders and thus they will be informed for the new actions they have to take in order to eliminate the negative impact of the threats. Additionally, the table includes information that is the output of the qualitative risk analysis. <ref name="Pmi" /> <ref name="ot"> Project Management Institute, Project Management: A guide to the Project Management Body of Knowledge (PMBOK guide) 6th Edition (2017), Retrieved from:https://app-knovel-com.proxy.findit.dtu.dk/web/toc.v/cid:kpGPMBKP02/viewerType:toc/root_slug:viewerType%3Atoc/url_slug:root_slug%3Aguide-project-management?kpromoter=federation </ref> In other words, in the qualitative analysis, it is examined how possible is for a risk to take place and the impact that it will have on the project. This analysis is used to prioritize the risks based on their importance. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> <ref name="Pmi" /> Once the risks are ranked, the stakeholders are informed of the threats that they have to pay more attention to. This means that they might have to spend more time planning a strategy around these risks as they will have a higher impact. Finally, the risk register is an advantageous tool for complex projects. When a project is very complex, it's important to use tools that could break down the planning processes. Risk register, due to its structure, provides the needed information for every risk from the moment it is identified. <ref name="oo"> What Is a Risk Register in Project Management? Retrieved from: https://www.wrike.com/blog/what-is-a-risk-register-project-management/, Accessed on 20/02/2021 </ref>

	=== Limitations ===		=== Limitations ===

Dorothea Georgiadou: /* Advantages */

2021-02-28T21:18:17Z

Advantages

← Older revision		Revision as of 21:18, 28 February 2021
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	While many positive outcomes can arise from the use of the risk register framework, there are also some limitations that are worth mentioning. In this section, the advantages and limitations of the risk register framework are discussed.		While many positive outcomes can arise from the use of the risk register framework, there are also some limitations that are worth mentioning. In this section, the advantages and limitations of the risk register framework are discussed.
	=== Advantages ===		=== Advantages ===
	The risk register is used to document information about the various risks that have been identified not only at the very early stages but also throughout the whole lifecycle of the project. This is an extremely beneficial characteristic of the tool that can be used for the assessment of a project's performance as well as for the strategic and decision-making processes that are related to risk management. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> More specifically, as the project is developing, the amount of gathered information is growing which means that new risks will be identified to threaten the project's success. The risk register table is storing the information from the risks that already have been identified and evaluated, and once new treats have been found, the table is expanded with the new data. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> <ref name="Pmi" /> This could be vital for the overall success of the project since the new risk could be well communicated among the stakeholders and thus they will be informed for the new actions they have to take in order to eliminate the negative impact of the threats. Additionally, the table includes information that is the output of the qualitative risk analysis. <ref name="Pmi" /> In other words, in the qualitative analysis, it is examined how possible is for a risk to take place and the impact that it will have on the project. This analysis is used to prioritize the risks based on their importance. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> <ref name="Pmi" /> Once the risks are ranked, the stakeholders are informed of the threats that they have to pay more attention to. This means that they might have to spend more time planning a strategy around these risks as they will have a higher impact. Finally, the risk register is an advantageous tool for complex projects. When a project is very complex, it's important to use tools that could break down the planning processes. Risk register, due to its structure, provides the needed information for every risk from the moment it is identified. <ref name="oo"> What Is a Risk Register in Project Management? Retrieved from: https://www.wrike.com/blog/what-is-a-risk-register-project-management/, Accessed on 20/02/2021 </ref>		The risk register is used to document information about the various risks that have been identified not only at the very early stages but also throughout the whole lifecycle of the project. This is an extremely beneficial characteristic of the tool that can be used for the assessment of a project's performance as well as for the strategic and decision-making processes that are related to risk management. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> More specifically, as the project is developing, the amount of gathered information is growing which means that new risks will be identified to threaten the project's success. The risk register table is storing the information from the risks that already have been identified and evaluated, and once new treats have been found, the table is expanded with the new data. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> <ref name="Pmi" /> This could be vital for the overall success of the project since the new risk could be well communicated among the stakeholders and thus they will be informed for the new actions they have to take in order to eliminate the negative impact of the threats. Additionally, the table includes information that is the output of the qualitative risk analysis. <ref name="Pmi" /> <ref name="ot"> Project Management Institute, Project Management: A guide to the Project Management Body of Knowledge (PMBOK guide) 6th Edition (2017), Retrieved from:https://app-knovel-com.proxy.findit.dtu.dk/web/toc.v/cid:kpGPMBKP02/viewerType:toc/root_slug:viewerType%3Atoc/url_slug:root_slug%3Aguide-project-management?kpromoter=federation </ref> <ref name="fd"> Why risk registers don't do enough to help you manage risks, https://www.civilsociety.co.uk/finance/why-risk-registers-don-t-do-enough-to-help-you-manage-risks.html, Accessed on 22/02/2020 </ref> In other words, in the qualitative analysis, it is examined how possible is for a risk to take place and the impact that it will have on the project. This analysis is used to prioritize the risks based on their importance. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> <ref name="Pmi" /> Once the risks are ranked, the stakeholders are informed of the threats that they have to pay more attention to. This means that they might have to spend more time planning a strategy around these risks as they will have a higher impact. Finally, the risk register is an advantageous tool for complex projects. When a project is very complex, it's important to use tools that could break down the planning processes. Risk register, due to its structure, provides the needed information for every risk from the moment it is identified. <ref name="oo"> What Is a Risk Register in Project Management? Retrieved from: https://www.wrike.com/blog/what-is-a-risk-register-project-management/, Accessed on 20/02/2021 </ref>

	=== Limitations ===		=== Limitations ===

Dorothea Georgiadou: /* Advantages */

2021-02-28T21:17:18Z

Advantages

← Older revision		Revision as of 21:17, 28 February 2021
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	While many positive outcomes can arise from the use of the risk register framework, there are also some limitations that are worth mentioning. In this section, the advantages and limitations of the risk register framework are discussed.		While many positive outcomes can arise from the use of the risk register framework, there are also some limitations that are worth mentioning. In this section, the advantages and limitations of the risk register framework are discussed.
	=== Advantages ===		=== Advantages ===
	The risk register is used to document information about the various risks that have been identified not only at the very early stages but also throughout the whole lifecycle of the project. This is an extremely beneficial characteristic of the tool that can be used for the assessment of a project's performance as well as for the strategic and decision-making processes that are related to risk management. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> More specifically, as the project is developing, the amount of gathered information is growing which means that new risks will be identified to threaten the project's success. The risk register table is storing the information from the risks that already have been identified and evaluated, and once new treats have been found, the table is expanded with the new data. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> <ref name="Pmi" /> This could be vital for the overall success of the project since the new risk could be well communicated among the stakeholders and thus they will be informed for the new actions they have to take in order to eliminate the negative impact of the threats. Additionally, the table includes information that is the output of the qualitative risk analysis. In other words, in the qualitative analysis, it is examined how possible is for a risk to take place and the impact that it will have on the project. This analysis is used to prioritize the risks based on their importance. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> <ref name="Pmi" /> Once the risks are ranked, the stakeholders are informed of the threats that they have to pay more attention to. This means that they might have to spend more time planning a strategy around these risks as they will have a higher impact. Finally, the risk register is an advantageous tool for complex projects. When a project is very complex, it's important to use tools that could break down the planning processes. Risk register, due to its structure, provides the needed information for every risk from the moment it is identified. <ref name="oo"> What Is a Risk Register in Project Management? Retrieved from: https://www.wrike.com/blog/what-is-a-risk-register-project-management/, Accessed on 20/02/2021 </ref>		The risk register is used to document information about the various risks that have been identified not only at the very early stages but also throughout the whole lifecycle of the project. This is an extremely beneficial characteristic of the tool that can be used for the assessment of a project's performance as well as for the strategic and decision-making processes that are related to risk management. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> More specifically, as the project is developing, the amount of gathered information is growing which means that new risks will be identified to threaten the project's success. The risk register table is storing the information from the risks that already have been identified and evaluated, and once new treats have been found, the table is expanded with the new data. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> <ref name="Pmi" /> This could be vital for the overall success of the project since the new risk could be well communicated among the stakeholders and thus they will be informed for the new actions they have to take in order to eliminate the negative impact of the threats. Additionally, the table includes information that is the output of the qualitative risk analysis. <ref name="Pmi" /> In other words, in the qualitative analysis, it is examined how possible is for a risk to take place and the impact that it will have on the project. This analysis is used to prioritize the risks based on their importance. <ref name="sag"> Risk register developement and implementation for construction projects, Ivana Burcar Dunović, Mladen Radujković, Mladen Vukomanović, 2013 </ref> <ref name="Pmi" /> Once the risks are ranked, the stakeholders are informed of the threats that they have to pay more attention to. This means that they might have to spend more time planning a strategy around these risks as they will have a higher impact. Finally, the risk register is an advantageous tool for complex projects. When a project is very complex, it's important to use tools that could break down the planning processes. Risk register, due to its structure, provides the needed information for every risk from the moment it is identified. <ref name="oo"> What Is a Risk Register in Project Management? Retrieved from: https://www.wrike.com/blog/what-is-a-risk-register-project-management/, Accessed on 20/02/2021 </ref>

	=== Limitations ===		=== Limitations ===