A RAID log is one of the easiest and most effective tools you can create for your project.
It is a good idea to create a RAID log at the start of each project so you can track anything impacting you now or in the future. Keep your log up-to-date through weekly reviews and team meetings.
The acronym RAID stands for Risks, Assumptions, Issues and Dependencies.
|Risks||Events that will have a negative impact on your project if they occur. Risk refers to the combined likelihood the event will occur and the impact on the project if it does occur. If the likelihood of the event happening and impact to the project are both high, you identify the event as a risk. The log includes a description of each risk, full analysis and a plan to manage it.|
|Assumptions||Any factors that you are assuming to be in place that will contribute to the successful result of your project. The log includes details of the assumption, the reason it is assumed and the action needed to confirm whether the assumption is valid.|
|Issues||Something that is going wrong on your project and needs to be managed. Failure to manage issues may result in a poor delivery or even failure. The log includes a description of each issue, the impact it is having, its seriousness and actions needed to contain and remove it.|
|Dependencies||Any event or work that are either dependent on the result of your project, or your project will depend on. The log captures who you are dependent on, what they should deliver and when. It may also include who is dependent on you.|
Act swiftly and decisively to deal with any risks or issues identified. Check your assumptions are valid and understand your dependences.
You can create a simple RAID Log using a spreadsheet with one tab for each area. Use it as a primary source for your status reporting.
Using a RAID log is easier than trying to keep all this information in your head.