The use of a risk management worksheet is similar to that of a risk management plan, but for big projects, they will have a limit of effectiveness. This is because of the size and number of the risks involved that could impact the larger business ventures.
You can use the risk management worksheet as an accompaniment to your risk management plan. It would be like a cheat sheet of sorts. To be effective you will have to list all of the possible risks you already placed in your risk plan. Not only will the names and nature of the risks that could impact your project be listed on this worksheet, but also the paths for mitigation. This will allow for an even faster response to the risks damage when they impact your project.
Not all of the information in your risk management plan needs to be listed on the risk management worksheet. Some of the items in the plan can be eliminated. The leading ones are the risks that have already been mitigated before the project enters its execution phase of its project lifecycle. The mitigation can be from someone in your project team or an outside source. The only ones that will fall into this category will be the risks that need no action taken if and when they impact your project.
One of the most important components of the risk plan that should be on the risk management worksheet is the contacts for the third party vendors who are the alternates for supplying your raw materials. The risk that makes an impact could be as simple as a vendor not meeting your schedule. To keep your project going, you will need to fill in this gap of supplies with another party. The sooner you contact them, the faster you will be receiving the raw materials you need for your deliverable.
The risk management worksheet is just another handy little tool the project manager can use to keep their business venture progressing towards a successful conclusion. Like all tools, the proper use of it and acting fast will make all the difference in just how effective it really is.