What is Risk Register? – Essay Furious


Risk Register Assignment

You are the project manager assigned to a project to upgrade an old bus shelter. The shelter is located along  South Street travelling eastbound. South Street is a dual highway with a speed restriction of 45 miles an hour. There are three eastbound lanes and a concreate sidewalk. The bus shelter is set back from the roadway approximately 5 feet. To the rear of the bus shelter is a cul-de-sac surrounded by residential dwellings and a brick wall in close proximity to the bus shelter. The enclosed photos are provided to you as a resource to be used in completing the assignment.

Your supervisor discusses the project with you and requests that you develop a risk register associated with this project before work begins. You will need to identify potential risks including threats and opportunities, and develop a Risk Register in Microsoft Excel (.xls) format.

Your assignment, is to design and present a complete risk register associated with the scenario provided. Your risk register should include the following items:

Risk Identification – You are to identify and list at least five potential risks associated with this project. This list should include at least one opportunity risk. Each risk is to be clearly described so that it can be easily understood and relatable to the project.

Risk Category – Determine and list the corresponding category associated with each risk. For example, is the risk you identified associated with schedule, scope, budget, etc.

Likelihood/Probability – Estimate and list the likelihood of each risk occurring. You must identify and explain the scale selected. For example, you can use a high, medium, and low scale, however, this scale must equate to numerical values to provide for effective risk score calculation – i. e. High = 10

Impact – Estimate and list the impact on the project of each risk should it occur. You must identify and explain the scale selected. You may select either a qualitative or quantitative scale.

Rank – For each risk, calculate and list a Risk Score (i.e. Probability and Impact Score) which will enable you to rank and prioritize each risk. Then be sure each risk is assigned a priority number. You are not required to re-order your risks on the Risk Register.

Root Cause – For each risk, list at least one potential root cause that may be the true reason behind the risk being present. There should be one root cause associated with each risk. Each root cause must be clearly described and be understandable. For example, “poor planning” is not an acceptable root cause. You should also identify and briefly describe one root cause analysis technique you would use to assist in this discovery.

Risk Response Strategy – For each risk, create at least one response strategy to be used to address the risk should it occur. Your risk response should be clear and understandable. You should also identify and include the category of your risk response, i.e. Avoidance, Mitigation, etc.

Risk Response Cost – For each risk response, provide an estimated cost, to implement the strategy.