Although you attempted to predict what would occur during the execution phase of the project, you're not psychic, and, therefore, you'll need to continually monitor the environment within and around the project to see if anything has changed since your risk exercise. Maybe there has been a change in the customer's organization. Or maybe a competitor announced a new product that is very similar to the one you are developing. Any new or different occurrence from what you expected should be evaluated.
Monitoring potential problems is not only done in the team meetings but also in review meetings with key stakeholders, such as with the customer and sponsor. Ask if anything significant has changed that could affect the project. Keep your antennae out at all times so you'll pick up information that will help you avoid problems with your project. If something in the environment does change, work with the project team to determine the type of impact it could have on the project.
✓ If there is an immediate impact, evaluate the nature and extent of the impact. Determine if you need to change the project plan. If a change is required, then use your change-management procedures.
✓ If the change could create a future impact, then you'll need to add it to your risk assessment. If the change in risk requires new countermeasures that would change the plan, implement your change-management procedures.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.