A Risk Log is a tool to get an overview of the risks you take while developing and realizing your project.
How to make a Risk Log:
1. Define the risks of a project.
2. Calculate the risk weight by weighing probability and impact
How likely is it that this will happen and how big will the impact be?
If the probability is 50 and the impact is 2, the risk weight is 50 * 2 = 100
When you have calculated the weight of different risks, you can decide on the best countermeasures.
3. Define countermeasures
Countermeasures are defined in five categories: PRACT
P Prevention: Can you prevent the risk from happening?
R Reduction: Can you reduce the impact of the risk on the project?
A Acceptance: Will you accept the risk?
C Contingency: Do you have a plan B ready?
T Transference: Can you transfer the risk to another party? (For instance, take out insurance.)
For each risk: define what is the best countermeasure.
4. Give the risks an owner
Who will be responsible for taking countermeasures?
