Project Log Book and Risk Log: Business Project Analysis

This project log book and risk assessment document outlines various potential risks encountered during a business project, including the absence of project members, changing stakeholder requirements, and shifts in research procedures, project scope, and hierarchy. The document details potential impacts, such as project delays or failures, and proposes risk reduction actions like detailed job role analysis, systematic analysis of project procedures and scope, stakeholder requirement drafting, and periodic reviews. Risks related to resource deficiency, inflexibility, team integrity, internal communication, decision-making, authority, project quality, budget, external agents, legal aspects, resource quality, management, team collaboration, and natural calamities are also addressed, along with proposed mitigation strategies. The log emphasizes the importance of proactive risk management, comprehensive planning, and effective communication for project success.

Project Log
Project & Risk Log Book
 This document contains examples of activities that you undertake and log risks that you may encounter during the course of your project. Clearly it is not a template – you can’t just take the
risks and assume that they will be the ones you will encounter. Also the probability and impact of risk will vary from project to project, as well as the risk reduction and contingency actions you
can take.
 The ‘High High’ risks are made bold in the list below as clearly it is these risks that should get most attention in terms of analysis, monitoring and risk reduction effort.
Live Risks
Week
No.
Date
Identified
Update on weekly
research (including
new ideas or
change in project
direction)
Risk identified or
Problem encountered
Impact
(L,M,H
)
Effect on Project Risk Reduction Actions
Proposed & Actual
Tasks for next week
1 1-Feb-
18
ABC Absence of project
members for any
emergency reason.
High This will cause delay
in completion of the
project.
This risk can be mitigated with the
help of complete analysis of individual
job roles of each group member and
formulation of relevant back up plan
for emergency situation.
A complete evaluation
of job roles for
individual group
members.
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2 1-Feb-
18
MNO The requirements of the
stakeholders can change
suddenly.
High This will cause the
project to fail.
This risk will require an elaborated
understanding of all the requirements.
The requirement of all
the stakeholders should
be drafted carefully.
3 1-Feb-
18
ABC The procedure of
research may change
suddenly
High This will cause delay
in completion of the
project.
None A systematic analysis of
project procedure needs
to be done.
4 1-Feb-
18
XYZ The scope of the project
can change suddenly
High This will cause delay
in completion of the
project.
None A systematic analysis of
project scope needs to be
done.
5 1-Feb-
09
ABC The hierarchy of the
project may change
suddenly.
Medium This will cause
confusion towards
understanding the
project.
None Proper drafting of the
project hierarchy needs
to be documented
6 1-Feb-
18
MNO The project development
may lack confidence of
the stakeholders
High This may cause failure
of the project.
This risk can be considerably reduced
with accordance to detailed analysis of
stakeholder recommendations on
timely basis.
It is required to develop
a periodic reviewing
structure by the
stakeholders.
7 15-
Apr-
ABC Sudden deficiency of the
resources can be
high This will cause delay
in completion of the
A proper evaluation of the required
resources needs to be done along with
Resource availability for
each resource needs to
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18 analysed as a potential
risk.
project. availability of the resource. be evaluated.
8 15-
Apr-
09
XYZ Inflexibility of the
domain of the project
can be understood as a
potential risk.
medium This may cause
complexity for any
kind of modification
in the project scope.
This risk can be reduced with intent
consideration of flexibility for defining
the project scope.
identification of a
flexible project scope
needs to be done.
9 15-
Apr-
18
XYZ Lack of team integrity
can be understood as a
potential risk.
medium This may cause
complexity for any
kind of modification
in the project scope.
This risk can be considerably reduced
with the help of developing an integral
team structure.
The concept of team
integrity needs to be
evaluated.
10 15-
Apr-
18
ABC If there is lack of
effective internal
communication it can
prove to be a potential
risk.
high This may cause
complexity for any
kind of modification
in the project scope.
This risk can be reduced with the help
of efficient communication plan for
the project.
Evaluating an effective
communication plan for
effective internal
communication.
11 15-
Apr-
18
MNO lack of efficient decision
making can be identified
as a potential risk
high This will cause
confusion towards
understanding the
project.
This risk can be reduced with the help
of adopting substantial decision
making attributes.
Proper analysis of all the
aspects of the project.
12 15-
Apr-
18
ABC There can be potential
risk for confusion
towards authority of
project management.
medium This will cause delay
in completion of the
project.
This risk can be reduced with the help
of intent consideration of project
hierarchy.
A complete evaluation
of project authority.
13 15-
Apr-
18
XYZ Another significant risk
can be analysed as the
degradation of quality of
project.
high This may cause the
project to fail.
This risk can be reduced after proper
analysis of the scope of the project.
Understanding project
deliverables in a better
way.
14 9-Jun-
18
MNO Complexity regarding
project budget can cause
significant risk.
low This may cause delay
in project.
This risk can be reduced with the help
of logical evaluation of budget plan.
Estimation of the budget
required for the project.
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15 9-Jun-
18
ABC Risk from external
agents.
high This may cause
unwanted delay to the
project completion.
None Understanding risks
from external agents.
16 9-Jun-
18
MNO Complexities regarding
legal aspect.
High This may cause delay
in the project
completion.
An elaborated understanding of all the
legal aspects relating to the project.
Understanding legal
aspects of the project.
17 9-Jun-
18
ABC Absence of required
resource quality.
High This may cause the
project to fail.
This risk can be reduced with the help
of evaluation of availability of
required resources.
Consideration of
resource availability.
18 9-Jun-
18
XYZ Lack ok of management
within the team
High This may cause delay
in project completion.
This risk can be reduced with the help
of effective team management.
Adoption of team
management techniques.
19 9-Jun-
18
MNO Lack of team
collaboration
High This may cause
confusion within the
team.
This risk can be reduced with the help
of efficient team selection and
coordination.
Formulation of effective
team interactions.
20 9-Jun-
18
ABC Natural calamity can
cause significant risk to
the project.
High This project can cause
delay in project
completion.
None Setting up a backup
plan.
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