Project risk register in MS Excel

Contents:

1. Using the "Register of Project Risks" document in MS Excel
2. Analysis of a project risk register in MS Excel
3. Formation of a risk management plan in MS Excel
4. Setting up the "Project Risk Register" document in MS Excel
5. Chat

Using the "Register of Project Risks" document in MS Excel

The project risk register allows you to detail risks by two components in relation to risk types and in relation to project stakeholders. The "Project Risk Register" document in MS Excel allows you to quickly and conveniently record information about project risks and manage them. The risk manager, together with the project team, records all project risks, evaluates them and develops a risk management plan.

1. The risk manager enters information about risks into the register.
2. The team members who are assigned a risk evaluate it and develop management activities.
3. The project manager, together with the project team, conducts a general assessment of the register and selects risks for monitoring.
4. Prevention activities are added to the project.
5. When a trigger is triggered, activities to prevent a specific risk are added to the project.

Analysis of a project risk register in MS Excel

Several approaches can be used for practical implementation of calculating the priority of project risks:

• Products of probability and impact (in points) of risks. The higher the obtained value, the higher the priority of the risks.
• Product of probability and impact in risk costs. The obtained value shows the company's losses when risks occur. Based on this value, a reserve for project risks is formed.

The probability and impact matrix allows you to display project risks by location on the graph. The greater the probability and impact of a risk on the project, the more attention should be paid to managing this risk.

The impact and probability matrix allows you to select the most priority risks. In the future, the project team spends more time analyzing priority risks, which allows you to plan the team's time more effectively.

A more detailed description of risks allows for an assessment using the costs of minimizing negative consequences. The probability of risk occurrence is measured in percentages, and the impact in the costs of implementing measures to minimize negative consequences.

The use of this matrix at this stage allows for a more accurate determination of the risks that need to be addressed when implementing the project.

Formation of a risk management plan in MS Excel

Developing response methods - defining sequences of actions that allow using positive opportunities and countering threats.

The risk management plan includes two groups of activities:

• Mitigation plan. The activities described in this group are implemented from the project budget and should be immediately included in the project.
• Contingency plan. The activities described in this group are implemented from the project reserves. With clearly defined reserves of 15-20% of the project budget, it is necessary to select the most significant risks. These activities are included in the plan in the event of a risk event. If the project team managed to prevent the risks, the funds for the implementation of this event go to the team's motivation fund.

Setting up the "Project Risk Register" document in MS Excel

How to get the "Project risk register" document in MS Excel

1. Register or log in to the site.
2. Make a payment.
3. Download the file with the document.

When working with the register, reference books of the main register fields are used. They allow for convenient filling and avoid errors and inaccuracies when filling out.

The following reference books are used in the register:

• State - a reference book of the list of project risk states. Working with risks, you change its state depending on the amount of information and the state of the risk event.
• Category - the reference book includes a list of risk categories adopted in the company. By dividing risks into categories, the project team can additionally analyze the quality of planning and risk management in the project.