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Project Risk Register Analysis and Practical Conclusions


SECOND EDITION

Juris Uzulāns
University of Latvia

Riga, Latvia

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Abstract

The aim of the current research is to examine real project risk registers to find correlations between the project management theory, especially project risk management, and practical results of real project risk management – the risk registers publicly available in the Internet.

In the research the author has analysed the compliance between the project risk management theory which is described in “A Guide to the Project Management Body of Knowledge” by Project Management Institute, Tasmanian Government Project Management Guidelines and Risk Management Guide For DoD Acquisition and the project risk registers.

In the previous research the author concluded that after analysing just 30 risk registers significant differences could be found between the risk register described in the theory and risk registers of real projects. At the end of the identification phase of the risk management process the coincidence between the described risk register and real project risk registers is high. As a result of the research it cannot be concluded what the minimum amount of information in the risk register is to make it comply with the risk register described in the theory. The challenge is to design recommendations for practical use.

Key words: Risk, project, project risk management, risk register.
JEL code: M00

Introduction

Project management is a new science characterized by dynamic development. The first editions of A Guide to the Project Body of Knowledge, Tasmanian Government Project Management Guidelines and DSMC Risk Management Guide for DoD Acquisition were launched in 1996. The latest version of A Guide to the Project Body of Knowledge – the fifth one – was issued in 2013. The latest – 7th version of the Tasmanian Government Project Management Guidelines came out in 2011. The most recent, 7th, interim release version of Risk Management Guide for DoD Acquisition is of year 2014. Although a new edition was issued in average every three years, the author considers that none of them contains references to research results; it can be assumed that the manuals represent theoretical reflection on the authors’ experience. However, the development of a science is impossible without research and research-based conclusions and recommendations.

The article describes the research on 30 risk registers. The aim of the study is to assess the compliance of the publicly (in the Internet) available project risk registers with the description of project risk management in three project risk management manuals. For the purposes of the research the author has used both quantitative and qualitative research methods.

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Editor’s note: Second Editions are previously published papers that have continued relevance in today’s project management world, or which were originally published in conference proceedings or in a language other than English. Original publication acknowledged; authors retain copyright. This paper was originally presented at the 4th Scientific Conference on Project Management in the Baltic States, University of Latvia, April 2015. It is republished here with the permission of the author and conference organizers.

 

About the Author

 

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Juris Uzulāns, PhD cand

University of Latvia
Riga, Latvia

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Juris Uzulāns possesses more than 15 years of experience in theoretical and practical project management. It includes managing projects in the state governance, health care system, institutions of higher education and IBM Latvia. The author has designed and delivered courses in project management in HEI School of Banking and Finance, Baltic Computer Academy as well as commercial firms specialized in training.

In science the author focuses on risk management, analysis of project processes and documentation. Juris is author of 4 books on project management and 20 scientific publications.

Juris Uzulāns can be contacted at [email protected].