A risk report is a key project management document that provides information about overall project risk. It is an output of the risk identification process, and it is a commonly used project artifact, especially as a part of the uncertainty performance domain.
The risk report must include a detailed explanation of the risk, the likelihood of it happening, and the impact it would have if it did happen. It is imperative to create a comprehensive report that is accurate and up-to-date to enable project managers to make a sound decision concerning how to most responsibly manage risk.
It contains summary information about individual risks, except for general project risk. Risk reports create input to all risk management processes in the risk management knowledge area and provide information for these processes.
It is a common artifact used in;
Basic information that should be included in the Risk Report;
- Executive Summary
- Overall Project Risk
- Singular Project Risk
- Quantitative Analysis
- Status of Provident Resources
- Risk audit results
But the risk report may also contain more than this information.
Risk Report is used as input in the following processes:
- Direct and manage project work
- Quantitative Risk Analysis
- Plan Risk Responses
- Manage Quality
- Perform Integrated Change Control Process
- Monitoring Risks
- Closing the project or phase
- Manage Communications
- Implement Risk Responses
- Monitoring and controlling of project workSee also: