Sher-Wood Hockey: Risk Log Global Campus, Southern New Hampshire University QSO 349: Project Contracting and Procurement 09:12:06 GMT -05:00 Sher-Wood Hockey: Risk Log Just like with so many aspects of project management, risk management has an emphasis on the planning phase. It requires an u...
Just like with so many aspects of project management, risk management has an emphasis
on the planning phase. It requires an understanding of what to expect and plans for the most
likely scenarios. Risk management is essential for successful project management and a
favorable outcome because it provides a thought-out and calculated strategy for issues that may
arise along the way. Risk management emphasizes early risk identification, probability
identification, project impact, response, and role assignment. It is important to pay close
attention to risk identification and response, these are the key components for mitigating the
impact they will have on the project. The risk log below identifies some of the pre-determined
risks associated with the Sher-Wood Hockey case study.
The risk log itself is a key tool not only in risk management but project management as a
whole. In the planning phase, the purpose of the risk log is to provide a clear, concise, and
detailed account of predetermined project risks and how those involved in the project will assess
and respond to them if they arise (Verma, 2023). As the project is being executed, the risk log
will act as a tracking tool to detail unidentified risks that occur as the project progresses, how
they impacted the project, and what response was taken to help mitigate a negative project
impact. The risk log can then be used as a communication tool to provide risk details to
stakeholders of anticipated risks as well as actual risks that took place. The risk log is also
beneficial to future projects by providing details of past risks, their impacts, and how they were
handled. It can be used as a learning to tool create better response strategies. The overall
significance of the risk log it identify, assess, and manage risks to acceptable levels to ensure the
project stays on budget, on schedule, and within scope (Verma, 2023).
09:12:06 GMT -05:00
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