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Wednesday, February 20, 2013

Risk Register Contents - After Quantitative Risk Analysis

From the Exam syllabus perspective, we have already covered all that we needed to about the Quantitative Risk Analysis process. But, I would like us to take a moment, go back and revisit what we have done so far with the Risk Register. During the course of the sections we have covered so far, we have made multiple updates to the Risk Register. So now, we are going to go back and summarize the current status of the Risk Register… 

The Risk Register Contents – As of Now 

Up until now, we have Identified Risks, Qualitatively and Quantitatively analyzed our risks. So, as of now, the Risk Register is loaded with tons of information that we have captured so far. 

If you have a copy of the Risk Register Update Cycle image, it will be very useful now. Remember the Risk Register Update Cycle we covered in the chapter “Contents of the Risk Register

Up until now, we have done the following updates to the Risk Register: 

During Risk Identification: 

1. List of Identified Risks
2. List of Potential Responses
3. Root Causes of Risks
4. Updated Risk Categories 

During Qualitative Risk Analysis

1. Priority list of Project Risks
2. Risks grouped by Categories
3. List of Risks that require a response in the near term
4. List of Risks for Additional analysis and response
5. Watchlist of low priority Risks
6. Trends in Qualitative Analysis Results 

During Quantitative Risk Analysis

1. Probabilistic Analysis of the Project
2. Probability of Achieving Time & Cost objectives
3. Prioritized list of quantified risks
4. Trends in Quantitative Analysis Results 

If you cannot remember when and how a particular update happened, pause here, go back, read that chapter again before you proceed further. 

Prev: Trends in Quantitative Risk Analysis

Next: Section Summary

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