Final answer:
The term 'Risk Register' refers to the detailed documentation of all identified project risks, their evaluations, planned responses, and management strategies.
Step-by-step explanation:
The documentation of all identified risks including descriptions, category, probability of occurring, impact, responses, contingency plans, owners, and current status is called a Risk Register. Detailing risks is a crucial part of project management, as it helps to foresee and mitigate potential problems that could impact the project's success. The risk register is a tool used to capture all relevant information about each identified risk and is regularly updated throughout the project's life cycle. Categories of risk might include technical, external, organizational, and project management. For each risk, the probability and impact are assessed to aid in prioritization, and appropriate responses are planned. These responses might include acceptance, avoidance, mitigation, or transfer, and are selected based on risk assessments like the asymmetric risk visualized in Figure 20.1. Contingency plans as well as reserve funds or management reserves may be allocated for dealing with unexpected issues. Owners are assigned to each risk to ensure accountability, and the current status of each risk is tracked to maintain control over project uncertainties.