Monitoring and Controlling Project Risks

A risk is an uncertain event or condition that can affect the project's outcome. Project managers often think of risks as negative events, but that's not always the case. Many risks, such as using a new material, a new vendor, or a new approach to the project work, aren't negative, but have positive outcomes. Chapter 11 will discuss both positive and negative risks in detail. There are five inputs to the risk monitoring and controlling process:

• Risk management plan

• Risk register

• Approved change requests

• Work performance information

• Performance reports

Risk monitoring and control happens throughout the project's life cycle, not just once. As this process is completed, there will be six outputs:

• Risk register updates

• Change requests

• Recommended corrective actions

• Recommended preventive actions

• Organizational process asset updates

• Project management plan updates

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.

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