Importance of Risk Register and Effective Communication in Project Management

Project management-2
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INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................4
A risk register.........................................................................................................................4
What happens when risk is not properly managed on projects..............................................6
C. A short report..............................................................................................................................7
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................12
Appendix 1.....................................................................................................................................14
Project 1.........................................................................................................................................14
MAIN BODY.................................................................................................................................14
1. Project Initiation Documentation.....................................................................................14
2. Work Breakdown structure and Gantt chart.....................................................................18
3. Risk register which containing documented risks............................................................20
Explanation of the need for effective, structured communication between the project manager
and members.........................................................................................................................23
Analysis and critique of methodologies that might be used to run the project case............24
CONCLUSION..............................................................................................................................26
REFERENCES..............................................................................................................................27
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INTRODUCTION
Project management is defined as and application of methods, process, skills and knowledge
in order to accomplish project objectives as the project criteria and in agreed parameters. A
project have various deliverables with are required to be accomplished within a proper time scale
and budget (Hackman, 2021). With the assistance of effective project management techniques,
skills and knowledge each and every activity of project can be accomplished in effective manner.
However in this project manager is required to undertake advantage of various practices such as
risk register, risk management plan, proper communication and methodologies. Present report
involve discussion upon importance of risk register and risk management plan, need of effective
communication between project managers and other members of team and to take analysis of
methodologies.
MAIN BODY
A risk register
Risk Risk Level(L/M/H) Likelihood of events Mitigation strategy
Financial risk- This
is the risk which is
faced within project
and during the event.
Financial risk is
related with shortage
of funds which are
required in order to
meet material and
resources
requirements for
organisation of
Olympic event.
Medium It may be possible. All the budget are
required to be made
before initiation of the
project so as to avoid
any complexity and
risk related to financial
perspective.
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Time scale of project-
This represents the
standard time which
is required by project
manager for
completing the
project and all the
activities related to
the project.
High It is having high
chances of occurrence.
To deal with this risk,
comprehensive project
is to be made by
project manager so that
all the activities related
to the project can be
completed within
desired time frame
(Nicholas and Steyn,
2017).
Unrealistic
estimation of cost-
This is denoted as the
cost which is
extraordinary in
nature and can be
proposed in context of
varied goods.
Low It may be likely
possible.
In order to deal with
this risk, cost planning
is required to be
included by
management while
executing a project. On
the other hand at the
time of changing of
resources specific
planning is required to
be drawn so that to
manage additional
costing.
Availability of project
team- This denotes
availability of skilled
workforce which are
required within the
Medium It may be possible. In order to deal with
this risk management
is required to monitor
varied processes and to
align needs of the
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project and to
complete assigned
project within desired
time frame and
efficacy (Heldman,
2018).
project in same
manner.
Technical risk-
At the time of
execution of the
project there are some
technological issues
which may arise.
These are related to
machines, equipment
and many more.
Medium Likely possible This risk can be
mitigated by keeping
additional equipments
and by executing
repairing and
maintenance on timely
manner.
What happens when risk is not properly managed on projects
Risk register is an essential framework in context with risk management and plays an important
role in managing activities of project. With the help of this tool potential risks can be identified
at prior stages that allow project manager to undertake use of various strategies in order to
overcome the identified risk in effective manner (Bruce, 2021). With the assistance of risk
register project manager can mitigate risk by evaluating potential behavioural trends and
environmental issues factor that can negatively affect success of project. Risk register allows
managers to list down all the activities and manage all the risk by evaluating them and tracking
during project process simultaneously. It has been identified that risk register is a crucial part of
an overall risk management plan as with the help of this risk can be identified in proper time that
further allows minimising the negative impact of these risk by controlling measures this
enhances probability of project success. However it has been identified that when risk is not
properly managed in project, then in this case project manager can lead towards taking more time
to understand, analyse and prepare management plan in order to properly monitor and act on
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them. Along with this it has been determined that when risk is not managed it can delay activities
of project that will surely and take longer time than expected and push other activities mentioned
in the project schedule. Furthermore, according to the analysis it has been evaluated that risk
when not managed in project it lead towards projects failure and can also take more time, cost
and efforts that lead only resources toward wastage. In addition to this consequences of poor risk
management involve lack of transparency and lawsuits (Sarkar, Jha and Patel, 2021). It is
essential for project manager to manage risk with the help of proper risk management plan. For
this project manager is required to take advantage of risk register in order to conduct project
activities with high standards along with in proper budget. Negligence of risk register also affect
overall objective of project and can affect in an adverse manner. It is essential to undertake use
of risk register in an effective manner as to manage each and every project activity by evaluating
potential risk that can affect project success. It helps in accomplishing project objectives and
goals in more effective way. Thus, according to the above mentioned evaluation it has been
identified that risk register is an essential aspect of risk management plan that helps in managing
risk while identifying them at first stage. This will facilitate project manager to evaluate and
monitor each and every activity step-by-step and identify risk and further implement strategies to
mitigate them. It helps in enhancing effectiveness of project that also benefits in accomplishment
of all the activities within proper budget and time. Both risk register and risk management plan
simultaneously plays important role and are required to implement in effective manner in order
to accomplish all the activities in proper time manner.
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