Reference no: EM132162578

Risk and uncertainty are considered to be at the highest level at the start of a project. However, the certainty of a project's success improves throughout each phase of the project (if proper planning takes place).

All risks must be managed. Effective risk management includes identification of potential risk situations, prioritization of risks, determining the appropriate response, and monitoring and control of project risks.

To aid in the management of risks, a risk management plan and a risk register is created. Remember, proper risk management is proactive instead of reactive.

A risk register is a project risk management tool that presents various risks identified at the beginning or during the life of the project. Risks can be represented as a scatter plot or in tabular format (excel) and it enables the project manager and project team to manage risk situations or events effectively and efficiently.

Risk registers can be very complex; however, for this assignment you will create a simple risk register for your project.

The register should be maintained throughout the project. It will change regularly as existing risks are regraded in the light mitigation strategies, and new risks are identified. In smaller projects, the risk register can double as the risk management plan.

Remember, risks exist in all projects. Do not skip the risk management process; failure to identify and document risks could be detriment to any project.