Monitoring and Controlling Risk

The Monitor and Control Risks process involves implementing response plans, tracking and monitoring identified risks, and identifying and responding to new risks as they occur. You will examine performance information, and use the tools and techniques of this process, to analyze and implement other functions of this process, including the following:

■ Evaluating risk response plans that are put into action as a result of risk events

■ Monitoring the project for risk triggers

■ Reexamining existing risks to determine if they have changed or should be closed out

■ Monitoring residual risks

■ Reassessing project assumptions and determining validity

■ Ensuring that policies and procedures are followed

■ Ensuring that risk response plans and contingency plans are put into action appropriately and are effective

■ Ensuring that contingency reserves (for schedule and cost) are updated according to the updated risk assessment

■ Evaluating the overall effectiveness of the Risk processes

Monitor and Control Risks is a busy process. During the course of the project, risk responses, which were developed during the Planning process group, have been implemented and have reduced or averted the impact of risk events (or you hope they did).

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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