Risk Register

Mitigation

• Accept- Recognize that the risk exists and needs to be monitored but take no steps to affect the probability of the risk or to plan for action should the risk materialize
• Reduce/Enhance - Put active measures in place to reduce the threat of a negative risk  occurring or enhance the chance of a positive risk occurring
• Transfer/Share- Take steps to move the risk from the project to a third party more capable of managing the risk
• Avoid/Exploit - Take steps to completely eliminate the possibility of a negative risk occurring (avoid) or guaranteeing that a positive risk will happen (exploit)

Probability

• High - Has happened at least 50% of the time or more
• Medium - Between low and high
• Low - Has happened only once before

Impact

• High - Requires change to agreed upon scope, budget, schedule and quality
• Medium - Risk can be accommodated but will require adjusting scope
• Low - Risk can be accommodated within existing agreed upon scope, budget, schedule and quality