You are the project manager for TTP project.
You are in the Identify Risks process.
You have to create the risk register.
Which of the following are included in the risk register? Each correct answer represents a complete solution.
(Choose two.)
Click on the arrows to vote for the correct answer
A. B. C. D.AD.
Risk register primarily contains the following: -> List of identified risks: A reasonable description of the identified risks is noted in the risk register.
The description includes event, cause, effect, impact related to the risks identified.
In addition to the list of identified risks, the root causes of those risks may appear in the risk register.
-> List of potential responses: Potential responses to a risk may be identified during the Identify Risks process.
These responses are useful as inputs to the Plan Risk Responses process.
Incorrect Answers: B: This is not a valid content of risk register.
A risk register is an inventory of risks and exposure associated with those risks.
Risks are commonly found in project management practices, and provide information to identify, analyze, and manage risks.
Typically a risk register contains: -> A description of the risk -> The impact should this event actually occur -> The probability of its occurrence -> Risk Score (the multiplication of Probability and Impact) -> A summary of the planned response should the event occur -> A summary of the mitigation (the actions taken in advance to reduce the probability and/or impact of the event) -> Ranking of risks by Risk Score so as to highlight the highest priority risks to all involved.
C: Risk register do contain the summary of mitigation, but only after the applying risk response.
Here in this scenario you are in risk identification phase, hence mitigation techniques cannot be documented at this situation.
The Risk Register is a key output of the Identify Risks process, which is a part of the Project Risk Management knowledge area. It is a document that provides a comprehensive list of all identified risks, including their likelihood of occurrence, potential impact, and the planned response strategies.
The Risk Register typically includes the following information:
List of Identified Risks: This is the central component of the Risk Register. It includes a detailed description of all the potential risks that have been identified for the project. This list should be comprehensive, including both negative and positive risks.
Likelihood and Impact Ratings: Each identified risk should be assessed for its likelihood of occurrence and potential impact on the project objectives. This helps to prioritize risks and determine the appropriate response strategies.
Risk Owner: For each identified risk, a risk owner should be assigned. This is the person responsible for managing the risk and implementing the agreed-upon response strategies.
Risk Response Strategies: For each identified risk, a response strategy should be developed. This may include avoidance, mitigation, transfer, or acceptance. The Risk Register should document the selected response strategy and any associated actions or tasks.
Contingency Plans: For high-priority risks, contingency plans should be developed. These are plans that outline what will be done if the risk event occurs, including how the risk will be managed and any associated costs.
List of Key Stakeholders: The Risk Register may also include a list of key stakeholders who are involved in the risk management process. This helps to ensure that all relevant parties are informed about the potential risks and the planned response strategies.
Therefore, options D (List of identified risks) and A (List of potential responses) are included in the Risk Register. Options B (List of key stakeholders) and C (List of mitigation techniques) may be relevant to the risk management process but are not typically included in the Risk Register.