Risk Rating
Now that you’ve identified the important Risks that threaten the success of your project, what should you do about them? You can make your Risk Planning as comprehensive as you wish, but like most things in life, the simplest approach is often the best approach. Unlike Impact and Probability Assessment, your wording should not be considered a guideline. For each of the various Risk Ratings, we want specific things to occur because the risk thresholds are triggers to mobilize the team or stakeholder to take action to mitigate the Risk.
Risk Register
To track and manage Risk on a project I use a Risk Register. To do this, I use a spreadsheet. Each time I do a Risk Assessment (ideally each sprint planning session) I add a new page to the spreadsheet and each page is a Risk Assessment corresponding to a particular Sprint. This way I can track how a Risk has changed over the course of a project. I can also monitor how Risks are added and removed from the Register. As you near the end of the project, you should see all of your Risks gradually move into the green or minimal range. If this does not happen, you are definitely doing something wrong because if you still have Orange or Red risk in the late stages of your project, you have not been managing the Risk and you are rolling the dice on project success. All of the time, effort and money invested up to that point is at Risk of being lost.
 
Risk RatingNow that you’ve identified the important Risks that threaten the success of your project, what should you do about them? You can make your Risk Planning as comprehensive as you wish, but like most things in life, the simplest approach is often the best approach. Unlike Impact and Probability Assessment, your wording should not be considered a guideline. For each of the various Risk Ratings, we want specific things to occur because the risk thresholds are triggers to mobilize the team or stakeholder to take action to mitigate the Risk.Risk RegisterTo track and manage Risk on a project I use a Risk Register. To do this, I use a spreadsheet. Each time I do a Risk Assessment (ideally each sprint planning session) I add a new page to the spreadsheet and each page is a Risk Assessment corresponding to a particular Sprint. This way I can track how a Risk has changed over the course of a project. I can also monitor how Risks are added and removed from the Register. As you near the end of the project, you should see all of your Risks gradually move into the green or minimal range. If this does not happen, you are definitely doing something wrong because if you still have Orange or Red risk in the late stages of your project, you have not been managing the Risk and you are rolling the dice on project success. All of the time, effort and money invested up to that point is at Risk of being lost.
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