I want to manage project risk, and I have heard about a RAID Log. What is it?
RAID is an acronym that stands for Risks, Assumptions, Issues, Dependencies. A RAID Log is a document that Project Managers use to track Risks, Assumptions, Issues and Dependencies for their project.
By Business Documents UK Ltd Team . Published: 2019/06/21 6:06:19 PM, Last Updated: 2019/06/21 6:09:36 PM Answer URL
Normally, there are lots of Risks, Assumptions, Issues and Dependencies in a project. So, project managers use a RAID Log to keep track of these items, and track associated owners and changes over time.
- RISKS – These are negative impacts that may happen, that will have a bad effect on your project. Risks are often scored by Likelihood and Impact.
- ASSUMPTIONS – These are items that you believe will happen.
- ISSUES – These are problems that are currently happening. Risks can become issues.
- DEPENDENCIES – These are things or processes that your project is reliant on.
Many project managers use a RAID Log to track the RAID items each week. In complex projects and programmes of work this activity is essential to ensure that items are not forgotten or neglected.