Risk breakdown structure is a hierarchy of potential risk categories that helps to identify and manage project risks. The highest-level categories are business, technical, organizational, and project management. The risk breakdown structure provides a simple chart to help ensure the project is considering important risks related to the all information technology projects.
A risk register is a document that contains results of various risk management processes, often displayed in a table or spreadsheet format. The various risk processes are referring to risk events, which are uncertain events that may become detrimental to the project success. The Project Manager shall review and update the Project Risk Register as part of monthly or weekly status reporting. Risk register improves overall performance and efficiency and ensure undesirable events occur.
A few processes of risk management are planning risk management, identifying risks, and performing qualitative risk analysis. The planning phase involves deciding how to approach and plan activities for the project. Identifying risks involves determining which risks are likely to affect a project. Performing qualitative risk analysis involves prioritizing risks based on their probability. So while Developing an effective Risk Management Plan. All risks will be identified as early as possible in the project to minimize their impact, and all risks will be prioritized by their level of importance.
It’s very common to use software to assist in project risk management. There are several of software tools to enhance various risk