Monitor and Control Risk is the process of executing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project (see Table 11-7 and Figure 11-13).
Planned risk responses that are included in the project management plan are executed during the life cycle of the project, but the project work should be continuously monitored for new and changing risks.
The Monitor and Control Risk process applies techniques, such as variance and trend analysis, which require the use of performance data generated during project execution. Other purposes of the Monitor and Control Risk process are to determine if:
• Project assumptions are still valid,
• Risk, as assessed, has changed from its prior state, with analysis of trends,
• Proper risk management policies and procedures are being followed, and
• Contingency reserves of cost or schedule should be modified in line with the risks of the project.
Monitor and Control Risk can involve choosing alternative strategies, executing a contingency or fallback plan, taking corrective action, and modifying the project management plan. The risk response owner reports periodically to the projcct manager on the effectiveness of the plan, any unanticipated effects, and any mid-course correction needed to handle the risk appropriately. Risk Monitoring and Control also includes updating the organizational process assets, including projcct lessons learned databases and risk management templates for the benefit of future projects.
Table 11-7 Monitor and Control Risks: Inputs, Tools & Techniques, and Outputs
1. Risk register
2. Risk management plan
3. Work performance data
4. Performance reports
Tools Sc Techniques
1. Risk reassessment
2. Risk audits
3. Variance and trend analysis
4. Technical performance measurement
5. Reserve analysis
6. Status meetings
1. Risk register updates
2. Organizational process assets updates
3. Change requests
4. Project management plan updates
5. Project document updates
10.5 Report Performance
• Performance reports
Direct and Manage Project Execution
Project Risk Management ll.l Plan Risk Management
11.6 Monitor and Control Risks
•Project document updates
• Project management plan updates
• Change requests
• Organizational process assets updates
4.2 Develop Project Plan
4.5 Perform Integrated Change Control
Figure 11-13. Monitor and Control Risks Data Flow Diagram
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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.