Definition:
An assumption log is a structured document tracking and recording all project assumptions together with their possible influence. It provides a basis for controlling risks and uncertainty.
Key Components:
- Assumption Description – What is assumed?
- Impact Level – How critical is it?
- Validation Plan – How will it be confirmed?
- Risk Assessment – What happens if the assumption is incorrect?
Why It’s Important:
Project planning is shaped by assumptions; nevertheless, unbridled assumptions can cause major miscalculations and delays. Maintaining an assumption log enables groups to spot hazards and guide their decisions.
Example:
If a project presumes that office space will be accessible to team members but the lease is unexpectedly revoked, the assumption log would assist in tracking, evaluating, and minimising the effects.
Conclusion:
A well-maintained assumption log acts as a risk management tool, ensuring better control over project uncertainties.
