A Risk Register is developed and used as follows:
Risk Identification Phase: The team uses a brainstorming technique to identify all risks associated with the project and who is impacted.
Risk Analysis Phase: The risks are evaluated for a “Probability of Occurrence Rating” and “Risk Impact Severity Rating.” This then identifies an overall Risk Rating. Schedule and Budget impacts, order of magnitude, are also identified. A final decision is then made whether to mitigate, eliminate, transfer or accept the risk.
Risk Evaluation Phase: For those risks that have been identified as needing Mitigation or Elimination, a value engineering process for Creativity and Evaluation will be applied. A brainstorming session will provide opportunities and ideas for managing the risk. Once the brainstorming session is complete, the team will develop performance attributes that will aid in the evaluation of the ideas to determine and select the best possible approaches.