Examining the Results of Risk Monitoring and Control

Risk monitoring and control helps the project become more successful. Risk monitoring and control measures the planned responses to risks and creates reactions to unplanned risks. The outputs of risk monitoring and control also aim to help the project reach its objectives. Consider these outputs:

• Risk register updates As the project moves along and the project manager and the project team complete the risk assessments, audits, and risk reviews, they'll need to record their findings in the risk register. This update may include the reevaluation of the risk's impact, probability, and expected monetary value. For those risks that have passed in the project, the risk register should record what actually happened with the risk event and its impact on the project.

• Change requests Your favorite, I'm sure. As workarounds and contingency plans are used, they require changes to the project plan. Changes that occur as a result of the risks are completed through integrated change control. The changes are documented, approved, and incorporated into the project plan.

• Recommended corrective actions As risks come to fruition, corrective actions are needed to bypass them. The two types of corrective action are workarounds and contingency plans. Corrective actions are actions taken to bring the project back into compliance with the project plan.

• Recommended preventive actions Preventive actions are steps taken to bring the project back into alignment with the project management plan.

• Risk response plan updates As risks occur, the responses to them should be documented and updated in the risk response plan. Should risk rankings change during the project, the change in ranking, the logic behind the change, and the results of the risk rank change should be documented in the risk response plan. For the risks that do not occur, the risks should be documented and considered closed in the risk response plan.

• Organizational process asset updates The risks from the current project can help other project managers in the future. Therefore, the project manager must work to ensure that the current risks, their anticipated impact, and their actual impact are recorded. The current risk matrix, for example, can become a risk template for other projects in the future. This is true for just about any risk document—from risk responses to the risk breakdown structure, lessons learned, and checklists.

• Project management plan updates Some change requests and risk responses may require updates to the project management plan.

Project Management Made Easy

Project Management Made Easy

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.

Get My Free Ebook

Post a comment