Risk Register
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Opinion: This is a core element of risk management similar to project management and is used to address documented risks throughout the life of a project. It is the database within which information about potential risks, as well as the specific characteristics of those initiated and the strategies selected to deal with them, can be stored and accessed. Below are the risks and their characteristics, why and how to use the Risk Register, and the pros and cons of the Risk Register.
12 Risk Management Tools to Use in Project Management
A critical concept in project management is risk management, or the process of identifying possible problems, estimating the severity of threats, and deciding how to minimize damaging effects on a project. In the current world, where changes are ever more constant in the project environment and have the potential to even undermine otherwise well-planned and highly structured projects, proactive and comprehensive methods of risk management are indispensable. These 12 risk management tools offer project managers the prerequisite methodologies and framework essential to anticipating risks, assessing their severity, and proactively finding ways to contain unfavourable outcomes. However, it is important to have 12 risk management tools that may assist project managers in effectively managing risks and keeping projects on course. These techniques range from basic and general risk assessment to complex and more detailed analysis. In addition, it provides risk management in various phases of the project life cycle.
Table of Content
- 12 Risk Management Tools To Use in Project Management
- 1. Risk Register
- 2. Risk Matrix
- 3. SWOT Analysis
- 4. Failure Mode and Effects Analysis (FMEA)
- 5. Monte Carlo Simulation
- 6. Root Cause Analysis (RCA)
- 7. Brainstorming
- 8. Delphi Technique
- 9. Scenario Analysis
- 10. PERT (Program Evaluation Review Technique)
- 11. Sensitivity Analysis
- 12. Risk Breakdown Structure (RBS)