Final answer:
A risk register is a document developed during a project that summarizes the risks specific to the project and provides mitigation strategies. It helps project managers and stakeholders make informed decisions.
Step-by-step explanation:
A document developed over the course of a project with a summation of risks specific to that project is called a risk register. A risk register is a formal document that identifies potential risks, assesses their likelihood and impact, and outlines mitigation strategies.
The risk register serves as a central repository for project risks, allowing project managers and stakeholders to stay informed and make informed decisions. It includes information such as the description of risks, their potential impact, likelihood, risk owners, and recommended actions.
An example of a risk in a project could be a potential delay due to unforeseen changes in regulations. The risk register would outline this risk, assess its impact and likelihood, and propose actions such as monitoring regulatory changes or developing contingency plans.