Analysis of Project Risk Management : Importance of Risk Register

Running head: ANALYSIS OF PROJECT RISK MANAGEMENT
ANALYSIS OF PROJECT RISK MANAGEMENT
Name of student
Name of university
Author’s note:

ANALYSIS OF PROJECT RISK MANAGEMENT1
Analysis of the importance of risk register in risk management in the project:
To ensure successful project implementation, managing risk in the project is essential. This
report has considered a project that organizes a two-week field trip for observing some
sustainable projects in Uganda, and 30 students will be going on this trip.
The purpose of this report is to identify relevant risks in this project and define strategies for
mitigating those risks. Along with this, it is also analysed how risk register plays an important
role in the identification and mitigation of risks in this project, a description of which is
already provided in this context.
Irrespective of the type of project, there are risks in the project, and if this is not identified
correctly, then it affects the execution of the project strategies as well. “Experience has also
shown that there is considerable benefit from having a consistent approach to running
projects and the advice provided prevents problems such as teams overpromising on project
deliverables or failing to analyze the risks associated with their work properly (Maylor
2020).” Therefore it is essential to design a proper risk management plan following project
requirements and type of risk that might affect project implementation (Maylor 2020). One of
the most critical aspects of an effective risk management plan is to design a risk register.
When a project is initiated, the project management team considers an extensive risk analysis
to identify possible risks in the project (Heagney 2010). In this project, which designs a two-
week field trip to observe some sustainable projects in Uganda, there might be various risks;
for example, the trip might be delayed due to lack of funding; students might have health
issues during the trip and other issues that might affect this trip. Once risk is identified, it is
then documented through a risk register. For successful risk management, identification and
documentation of risk are of prime importance (Firmenich 2017). When risks, as identified in
this project, are appropriately documented, it is easier to communicate risk with the project

ANALYSIS OF PROJECT RISK MANAGEMENT2
team, and it helps in designing effective risk mitigation strategies as well (Bista, Karki and
Dongol 2017).
Therefore, the risk register is so essential in risk management in the project. Although it is not
enough identifying risks in the project, it is also required to provide strategies regarding the
mitigation of those risks as well (Meredith and Mantel 2010). However, for designing
strategies to mitigate risk identification of risks is required. As the project manager is
responsible for implementing risk mitigation strategies, it is required to ensure that they have
a whole idea regarding the type of risk in the project and strategies considered for mitigating
those risks (Portny 2013). In this context, while managing the project of trip to Uganda, the
project manager must have to design a risk register and in this all the probable risks are
identified.
Along with documentation of risks, risk register also contains strategies for mitigating those
risks as well. A risk register for this project is designed, which not only identifies risks
specific to the design of this trip but also provides how these risks will be mitigated.
Therefore, it provides an organized approach for risk management in this project. Therefore,
some of the most important aspects of a risk register are the identification of risk; it’s
documentation, along with strategies for mitigating those risks (Willumsen et al. 2019).
Therefore, the project manager needs to have a plan for mitigating all the identified risks. The
main approach should be mitigating all the risks before occurrence. However, in some cases
that might not be possible, then the project manager needs to arrange proper facilities to
overcome the major impact of that risks.
In order to implement project strategies properly which is important for success in the
project, it is essential that risks are mitigated in the project (Khameneh, Taheri and Ershadi
2016). In this context, an example is provided to analyze the impact of not managing risk in