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Why Is a Risk Register Essential for Tracking Project Risks and Responses?
Learn what a risk register is in project management: a vital document used to identify, track, and manage potential project risks, their characteristics, and planned response strategies.
Question
A risk register is best described as:
A. A project budget record
B. A document containing identified risks, their characteristics, and responses
C. A list of completed tasks
Answer
B. A document containing identified risks, their characteristics, and responses
Explanation
A risk register is a central project document or repository used to identify, analyze, and track potential risks throughout the project life cycle. It catalogs specific threats and opportunities, detailing their nature, probability of occurrence, potential impact, assigned risk owners, and the specific mitigation or response strategies planned to address them. It is not a financial record (Option A) or a simple checklist of completed work (Option C), but rather a proactive tool for managing project uncertainties.