How do I manage risk using a RAID Log?

I need to manage a log of risks, and apparently a RAID Log is what I should use. How does this work?

Summary

A RAID Log is a popular tool to manage your project risk. Use a RAID log to track Risks, Assumptions, Issues and Dependencies (these initials make up the “RAID” acronym).

  1. Risks (R in RAID) – Your project risks are the “issues waiting to happen”
  2. Assumptions (A in RAID) – Assumptions are items that you are relying on – good and bad.
  3. Issues (I in RAID) – Issues are the things which are actually going wrong –
  4. Dependencies (D in RAID) – Dependencies are items being delivered- or supplied-  from elsewhere.

All the items in these four areas must be tracked and managed. Project Managers often prioritise the items so that they can focus efforts and actions on the most important.

More detail

  1. Risks – Your project risks are the “issues waiting to happen”.
    1. Ask yourself “What could go wrong?”, and the list of items in answer to that are your risks.
    2. Project Managers often use the phrase “There is a risk that …”
  2. Assumptions – Assumptions are items that you are relying on – good and bad,… but that may not be.
    1. Assumptions are aspects of the environment, or of the surroundings to your project that you believe will be in a certain state.
    2. The purpose of tracking assumptions is that you need to be prepared for your assumptions being wrong.
  3. Issues – Issues are the things which are actually going wrong – i.e. Risks that have been realised, and have turned into issues.
    1. If you were lucky with your Risks identification earlier, you may already be prepared to deal with the issues :)
  4. Dependencies – Dependencies are items being delivered- or supplied-  from elsewhere, and that may not be directly in your control.
    1. i.e. in order for your project to deliver, your dependencies must be present / delivered / supported.
    2. Dependencies are quite frequently what cause project failure – track these carefully!

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By .Published: 2016/08/27 12:27:33 PM, Last Updated: 2016/08/27 12:27:55 PM

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