Question

Discuss examples of any risk registers you have used on previous projects that you've taken part in or know of. What metrics, contents, or risk register fields were particularly useful?

Answer 1

Risks are the happenings that are accidents which may happen or have no clue of it to be happening. Risk Register is a document that contains the information about identified risks, results of Risk Analysis for a project for a business. I have worked in a construction site where I had the chance to go through the risk registers which was made based on the previous experience. It was a bridge-building cite that was of a span of 200 meters over a river in South Africa. The other projects of the construction site in history were also included in the registers which were done elsewhere in the same conditions to gather the risks that may occur. The aspects that make the limits, aspects, and metrics of the risks are:

• Damage to the cite infrastructure by flood or some other natural disaster.

• Losses unexpectedly made due to the economic conditions which may fit the tender amount as was quoted before,

• The loss of suppliers or manpower during the project due to some disease or fear or prejudice,

• The risk of losing the cite to other contractors if the project is not done in time along with a fine for the delay.

These make the risk analysis for the business best made for the project and suitability keeping the risks in mind. The metrics of the limit of each aspect which the business can handle were made clear so that the use of resources and the risk-taking abilities are well known by the stakeholders for more transparency in risk assessments.