Raid Log | How it is Useful in Project Management?

Introduction to Raid Log

We all face many problems when it comes to managing project and the critical part of this is when it comes to the execution of the program. It is highly unlikely to remain in one’s head so hence we use some management software. A simple solution to mitigate the obstructer is using some project management software such as Raid Log.

What is Raid Log?

RAID stands for Risk Assumptions Issues Dependencies. Raid Log is one of the most powerful and comprehensive project management tools available in the market today. This is used to compile a collection of data’s, track and monitoring on a daily basis and it’s specifically designed to manage complex projects.

Risk	An uncertain future event, which if it occurred, could influence the successful achievement of parts of the project. When a risk eventuates, it turns into an issue.	A Risk Log is important for the following reasons: Helps Project Leads to reduce the risks identified before and during the project, better positioning the project for successful outcomes. Allows Project Leads to identify how serious the risk is to the project using likelihood, consequence, and overall rating criteria. Makes it easy to communicate the key risks and how they are being managed to key stakeholders. Ensures everyone is on the same page for how the risks are managed and who is accountable.
Assumption	A piece of information which is deemed ‘true’ even though the outcome may or may not be true. E.g. an assumption in project planning is that a key clinician is available to provide advice, this may later turn out to be false and could impact the project delivery. Therefore this assumption needs to be monitored so a ‘Plan B’ can be put in place quickly if it is to change.	An Assumption Log is important for the following reasons: Maintains all assumptions in one place for easy reference at points in the project. Assumptions made early in the project planning are regularly reviewed for changes. Where changes occur, Project Leads can quickly respond to minimize any impact on the project outcomes.
Issue	This is different from risk as issues are a problem today, unlike risks which are problems which may or may not occur in the future.	An Issue Log is important for the following reasons: Helps Project Leads to monitor issues identified before and during the project. Allows Project Leads to identify how serious the issue is to the project using severity and overall rating criteria. Makes it easy to communicate the key issues and how they are being managed to key stakeholders. Ensures everyone is on the same page for how the issues are managed and who is accountable.
Dependency	Something that must be delivered to enable a project’s delivery. These can be internal inputs such as the need to perform project tasks in a certain sequential order, or external inputs such as the need for a third party to complete a task before you can complete one of your tasks.	An Assumption Log is important for the following reasons: Maintains all dependencies in one place for easy reference at points in the project. External dependencies can be regularly reviewed for changes that may impact the project. Where changes occur, Project Leads can quickly respond to minimize any impact on the project outcomes.

How to Use this Tool?

Raid Log is a very simple tool to use. Moreover, a data of spreadsheet is more sufficient to use this tool and the most critical part in this is finding the raid components, it shows the critical elements of breakdowns in the projects. Once the critical elements are identified then they are evaluated periodically through the documents done in a live platform. As we all know that Assumptions and dependencies are easily identified in the beginning stage of the project and later been identified the issues and risk which appear in the further. Here the Risk is shown in Different stages of Color which again makes us to identify the risk level and to prioritize the task which is to be done effectively.

When should I Use this Tool?

An initial list of risks, assumptions, issues, and dependencies will be documented as part of the project’s Business Case and Project Charter. Once the Business Case and Project Charter are approved, the Project Lead should populate these into the Raid Log and update regularly as the information changes. Better Care Victoria recommends weekly updates to the Raid Log at a minimum. This will include changes to existing information and populating new information. Before the project starts, be sure to identify the single governing body that will be accountable for ensuring Risks, Issue, Assumptions, and Dependencies. This log should be reported formally to this governing group. Maintaining a Raid Log with current information makes it easier for Project Leads to monitor important areas of the project and also helps make reporting on project status a more quick and simple process.

Every Project Management Software has its own Pros and Cons and they are Described below.

Pros of Raid Log

The benefits of Raid Makes the data in an organized manner and convert the collection of data and shows into milestones. Where the strategic method is used to convert them. For every project managers, it is a time and cost saving option and a shortcut for communication. Easy assessable is what everyone expects and this is one of them. Basically, there are a lot of data present in the project, so saving in this can also be an asset to the organization. Review the assumption made. It helps to keep the project in control. This also acts as a reminder.

Cons of Raid Log

Though it has a collection of data this is opened several times and Prolong use of this software makes people have a constantly looking mindset of this software. More dependency on this software consumes more time, So project tends to have less time, this also override the other project constraints, which will again impact in future projects.

Popular Course in this category