Risk Register and Risk Matrix in Project Management

Project Management

Contents
PROJECT 2.....................................................................................................................................1
A. Risk register containing documented risks during the performance of project and Risk
matrix to ascertain the chance of their occurrence along with impact.........................................1
B. Determining the value of risk register in overall risk management plan................................4
REFERENCES................................................................................................................................6

PROJECT 2
A. Risk register containing documented risks during the performance of project and Risk matrix
to ascertain the chance of their occurrence along with impact
The current project is about improvement in the available spaces for business students. This will
be done through adopting the approach of refurbishment and redevelopment of the Chapman
Hall in Queen’s Building. Here, also the major preference is providing over improving tired
seating by withdrawing old one along with the implementation of sound panels on wall that
improves the teaching and learning experience. The work of project management is performed
with the support of Facilities management department of University who provided the provision
budget of 100K. Also, in the process of working requires to consider that it does not cause any
disruption to the current teaching timetables (Chapman, 2019).
Risk Register
The role of risk register is important in effective completion of project on time along with
attaining desired results (Risk Register, 2020). It is the register that includes the description of all
different risks associated with project tasks along with preventive measures that will help in
future to avoid or mitigate their negative impact. This will also aid in determination of the risk
origin and its influence over various activities related to task that belong from different heads (de
Araújo Lima, Crema and Verbano, 2020).
Risk
Descripti
on
Own
er
Lik
elih
ood
(10)
Im
pac
t
(10)
Rat
ing
(10)
Mitigati
on
Action
Lik
elih
ood
(10)
Im
pac
t
(10)
Ratin
g (10)
Contingency action
1.
Financial
Risk:
Inappropri
ate
allocation
of budget
Fina
nce
man
ager
8 7 6 Separate
team to
allocate
funds
2 3 1 Regular checking of each
department needs
2. Market Proj 3 8 5 Involve 1 4 2 Ascertain the view of students
1