I need to manage a log of risks, and apparently a RAID Log is what I should use. How do I do this? Is there a template?
RAID stands for Risks, Assumptions, Issues and Dependencies (these initials make up the “RAID” acronym).
KICKOFF: At Project Kickoff, the Project Manager will gather RAID items from team members, suppliers and stakeholders by organising a RAID workshop, or by sending a RAID questionnaire. These items are categorised and scored and recorded in a RAID Log Template.
REVIEW & UPDATE: The project manager will then hold routine meetings to review their RAID Log. They will:
- Update existing RAID items.
- Add new items.
- “Close” resolved items.
All the items must be actively tracked and managed to reduce project risk and increase the chances of project success. Project Managers often prioritise the items so that they can focus efforts and actions on the most important.
By Business Documents UK Ltd Team . Published: 2016/08/27 11:27:33 AM, Last Updated: 2018/05/29 1:44:28 PM Answer URL
Project Managers use a RAID Log Template to help them categorise and prioritise their RAID items.
In small projects, the Project Manager might “own” all the RAID items. In larger projects the ownership (i.e. responsibility for resolving each RAID item) may be spread around the team.
Help filling out a RAID Log Template
- Risks (R in RAID) – Your project risks are the “issues waiting to happen”.
- Ask yourself “What could go wrong?”, and the list of items in answer to that are your risks.
- Project Managers often use the phrase “There is a risk that …”
- Assumptions (A in RAID) – Assumptions are items that you are relying on – good and bad,… but that may not be.
- Assumptions are aspects of the environment, or of the surroundings to your project that you believe will be in a certain state.
- The purpose of tracking assumptions is that you need to be prepared for your assumptions being wrong.
- Issues (I in RAID) – Issues are the things which are actually going wrong – i.e. Risks that have been realised, and have turned into issues.
- If you were lucky with your Risks identification earlier, you may already be prepared to deal with the issues :)
- Dependencies (D in RAID) – Dependencies are items being delivered- or supplied- from elsewhere, and that may not be directly in your control.
- i.e. in order for your project to deliver, your dependencies must be present / delivered / supported.
- Dependencies are quite frequently what cause project failure – track these carefully!