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Wednesday, February 20, 2013

Introduction – Updates to Risk Register – After Quantitative Analysis

We have covered the Quantitative Risk Analysis topic in great detail in the previous section. As with any other activity in Risk Management, the output of this activity too would result in updates to the “Risk Register”.

To recap, the Risk Register is going to contain the most up-to-date information regarding all of the risks that have been identified for our Project. As we progress through each stage in Risk Management, we update the Risk Register so that it remains as the one comprehensive document that contains all the details we need in order to perform our Risk Management Activities.

So far, we have done the following – In Order:
1. Identified Risks
2. Updated the Risk Register with the preliminary risk information identified in step 1
3. Performed Qualitative Risk Analysis
4. Updated the Risk Register with the output of the analysis performed in step 3
5. Performed Quantitative Risk Analysis

Common Sense would tell us that the next logic step here would be “Do Updates to the Risk Register with output of the Analysis performed in step 5” and this is exactly what we are going to do now.

Remember that, we did not perform quantitative analysis on all the risks we identified. Instead, we selected a sub-set of high priority (probability/impact) risks and have analyzed them further. So, as a result of this step, the updates to the risk register would affect only those risks that we selected…

Quantitative Risk Analysis typically results in the following updates to the Risk Register:

In the following chapters, we will be covering those updates one by one…

Prev: Section Summary - Quantitative Risk Analysis

Next: Probabilistic Analysis of the Project

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