Using the risk register

Question 1

What is a risk register?

Answer 1

A risk register is a tool used to manage and track identified risks in a project.

Question 2

What is included in an early risk register?

Answer 2

• Risk ID
• Type
• Risk
• Rating (H,M,L)

Question 3

Why is it important to have a risk register?

Answer 3

It helps ensure that no risks are overlooked and allows the project team to address potential problems proactively.

Question 4

Does a risk register and its contents remain constant?

Answer 4

No; it is progressively elaborated and the risk register grows over time.

Question 5

What information is typically included in a risk register?

Answer 5

• ID, Name, Description, Owner
• Impact (area and at what stage)
• Type (positive/opportunities or negative/threats)
• Likelihood and impact, triggers

Question 6

Ways of analysing risks

Answer 6

• Qualitative analysis
• Quantitative analysis

Question 7

TRUE OR FALSE: Risk responses are added in the early stages of risk management

Answer 7

As the project evolves, risk responses are developed

Question 8

What is qualitative risk analysis?

Answer 8

Qualitative risk analysis involves prioritizing risks based on their potential impact and likelihood.

Question 9

What is quantitative risk analysis?

Answer 9

Quantitative risk analysis involves assigning numerical values, such as costs, to risks to assess their potential impact on the project.

Question 10

What is a risk response?

Answer 10

A risk response is a planned action to address a risk if it occurs, such as mitigation or acceptance.

Question 11

What is the purpose of adding likelihood and impact to the risk register?

Answer 11

Adding likelihood and impact helps assess the severity of each risk and prioritize them accordingly.

Question 12

Why is it important to have an owner for each risk?

Answer 12

Having an owner ensures accountability and provides a point of contact for questions or updates regarding the risk.