Hi Gnanajothi -

The following are a few more things to remember about risks on your project:
- Risks are identified early in the project during Planning and throughout the project lifecycle, and are entered into the Risk Register.-
- Those risks with the highest probability and impact (as determined by their Risk Score) have risk response plans in place for them.
- When an identified risk occurs on the project, it becomes an issue and is logged in the Issue Log, and the corresponding Risk Response Plan is implemented.
- The Cost Baseline contains the estimated costs of the project plus the Contingency Reserves
- Contingency Reserves are used to implement risk response plans if and when 'identified risks' actually occur on the project. These are distributed at the discretion of the Project Manager.
- The Project Budget contains the Cost Baseline plus the Management Reserves.
- The Management Reserves are used for 'unidentified risks', which are issues. These are distributed at the discretion of Senior Management, typically the Project Sponsor.

I hope that helps.

Happy Studying!

Professor Kevin

Foremost Keep in mind: Risk can be positive (or) negative, Risks turn into Issues after there is a confirmation that a negative risk is going to occur(Or risks are triggered)
1. Risk Register: Document where you note all risk during Initiation and Planning phase
2. Issue Log: any negative risks that have occurred become issues, you put these in issue log
3. Change Log: any changes that were raised(whether approved by CCB or rejected by CCB) are added to change log

All these are monitored throughout the project and have responsible resource assigned

These are discussed in the PMBOK guide, but I will try and give examples.
Issue log: Anything that is a problem, some kind of process gap, or inconsistency, or conflicts related to a project that needs to be documented. Of course this would be tracked with the typical who, what, when detail. Its a way of tracking and documenting these issues.

Change Request: Is a formal way to request a change to any document, deliverable or baseline. It can be for changing policies, scope, budget, schedule items, things that really impact the project.

Risk Register: A risk register may be completed up front prior to a project starting, as it lists all the risks that could happen. Literally, these things get thought out and documented. It may also be updated during the project as needed. If it is a possible risk, it gets documents either before or during the project.

Here's my thoughts simplified based on past experience, although I cannot say for sure what the PMBOK says since I'm just beginning to study it.

1. First everything starts as an issue.
2. This issue could escalate to become a change.
3. That change might carry a risk with it.

Hi Friends ,
Let say a incident is happened .As a Project Manager ,under what circumstances we need to go for Issue log , change request and risk register ? A detailed explanation with examples could be better to understand .

Have a nice day ,

Regards