| Identification and appropriate management of risks is essential to avoid project failure. A risk register / RAID / RAIDO log is a place to record information about risks, issues, assumptions, dependancies and opportunities.
- A risk is something which may happen but hasn't happened yet. Risks should be avoided / mitigated. If the risk trigger event has happened, the risk becomes an issue, to be dealt with accordingly.
- An assumption is something which is believed to be true, but needs to be confirmed either way. If the assumption is invalid, it could introduce an issue.
- An issue is something which has happened. It would ideally have been previously identified as a risk. Issues should be prioritised and the impact dealt with.
- A dependency identifies something which needs to happen in order for timely start / completion of one or more activities. A project (e.g. move people into a building) could be dependent on another project (e.g. prior rennovation of the building).
- An opportunity identifies a chance to affect improvements in the work stream. An opportunity could be for example, use of a currently inactive staff member as a resource.
Risks, assumptions, issues and dependencies will often have a primarily negative impact on a work stream. Opportunities however, have a potential positive influence. It could be argued that opportunities should not be part of the risk register - however, the risk register receives repeating attention, and opportunities should be afforded similar attention.
webBRIEFCASE can facilitate the comprehensive identification of risks for a work stream using a methodical approach. Contact support@webBRIEFCASE.com for more information.