Likelihood $-$ The estimated likelihood or probability that the risk will occur at some point and become a project issue. This can be qualitative: high, medium, or low; but it can also be quantitative if enough information is available. For our example, we know that resources have been over$-$committed in the past and we assess the likelihood of occurrence as "High."

Consequence $-$ The potential consequence or impact of the risk if it did become a project issue. For our project, time is a fixed constraint, and so any risk that has the potential to significantly delay the project schedule has a "High" consequence.

Elements $7$ and $8$ record the outcomes of the Risk Evaluation phase.

$7.$ Risk Rank $-$ This is the magnitude or the level of the risk. It is a combination of likelihood and consequence. As they are both "High" in our example, then the risk rank is also "High."

$8.$ Risk Trigger $-$ What are the triggers that would indicate the need to implement contingency plans? $"$If resource conflicts have not been resolved three weeks before the scheduled start date, then implement contingency plans."

These last four elements record the outcomes of the Risk Treatment phase.

$9.$ Prevention Plan $-$ This is an action plan to prevent the risk from occurring. For our example, the Prevention Plan includes: Liaise with functional :nanagers and team members to pre$-$empt future conflicts; and specify and agree resource needs $($staff and equipment$)$ with functional managers.

describes and divides components necessary for managing risk into categories. Please read through those components noticing the categories they are in$.$ Create a Risk Register using ONLY those components that YOU feel are necessary for managing risks in the types of projects you participate in$.$ You can create your "template" in Word or Excel. They should be in Table Format, your risk components will serve as column headings. You choose the ideal number of components.

Please upload your form for your co students to see. Briefly discuss the components YOU chose and why they work best for the projects you are involved in$.$

If you have not been involved in projects you can base your selection and discussion on simple projects you have completed on your job or at home. Examples might be updating a room in your house or planning for a vacation etc.