What tool is often used to evaluate the impact of identified risks on a project?

The Risk Register is a critical tool used in project management to evaluate the impact of identified risks on a project. It serves as a centralized repository where all recognized risks, their potential impacts, and the strategies for managing them are documented. This tool helps project managers and teams assess the likelihood and significance of each risk, prioritize them, and develop response strategies to mitigate negative impacts on the project's objectives.

The Risk Register typically includes detailed information such as the description of each risk, its potential impact on project scope, time, cost, and quality, as well as the assigned responsibility for risk management. By continually updating the Risk Register throughout the project lifecycle, teams can effectively track changes in risk status, ensure communication around risks, and make informed decisions on how to allocate resources to address these risks.

Other options like the Project Charter, Lessons Learned Document, and Stakeholder Analysis serve different purposes and are not specifically designed for monitoring and evaluating the impact of risks. The Project Charter outlines the project's objectives and stakeholders, the Lessons Learned Document captures insights from previous projects to inform future practices, and Stakeholder Analysis focuses on identifying and understanding the needs and influence of project stakeholders, rather than evaluating risks directly. Therefore, the Risk Register stands out as the most relevant tool for assessing the