Monitor Risks
Monitor Risks is the ongoing process of tracking identified risks, monitoring residual risks, identifying new risks, and evaluating the effectiveness of risk processes throughout the project lifecycle. This concept involves continuous risk oversight to ensure that risk responses are implemented as planned and that they are effective in mitigating risks. The monitoring process includes regular risk assessments and audits, status meetings, and the use of risk management tools and techniques to keep track of risk triggers and indicators. It ensures that the risk register is up-to-date with any changes in risk status, new risks identified, or changes in the project environment that may affect risk exposure. One of the key aspects of Monitor Risks is the ability to detect early warning signs of risk occurrence. By actively monitoring, project teams can respond promptly to emerging risks or to changes in existing risks. This proactive approach minimizes the impact of risks on the project by allowing for timely adjustments in risk responses or the development of new strategies. Monitor Risks also involves communicating risk information to stakeholders. Regular reporting on risk status keeps stakeholders informed and engaged, building trust and ensuring alignment with project objectives. It facilitates transparency and accountability in how risks are managed and how decisions are made. Additionally, this process provides valuable lessons learned for future projects. By evaluating the effectiveness of risk management activities, organizations can improve their risk management practices over time. This continuous improvement cycle enhances the organization's ability to handle risks more effectively in future projects. In essence, Monitor Risks is essential for maintaining control over project risks and ensuring that risk management remains an integral part of project execution. It ensures that the project adapts to changing conditions and that risks are managed effectively throughout the project's duration, leading to a higher likelihood of achieving project goals.
Monitoring Risks: A Comprehensive Guide for PMI-RMP
Why Monitoring Risks is Important
Monitoring risks is a crucial component of project risk management because:
• It ensures that risk response plans remain effective throughout the project lifecycle
• It helps identify new risks that emerge as the project progresses
• It allows for timely adjustments to risk strategies based on changing project conditions
• It provides data to evaluate the effectiveness of risk management processes
• It creates opportunities to apply lessons learned to improve future risk management activities
What is Risk Monitoring?
Risk monitoring is the process of tracking identified risks, identifying new risks, ensuring the execution of risk response plans, and evaluating their effectiveness throughout the project. According to the PMBOK® Guide, risk monitoring is part of the Control Risks process, which involves:
• Implementing risk response plans
• Tracking identified risks
• Monitoring residual risks
• Identifying new risks
• Evaluating risk process effectiveness
How Risk Monitoring Works
1. Regular Risk Reviews
• Scheduled reviews of the risk register and risk response plans
• Assessment of risk triggers and warning signs
• Evaluation of project performance against risk thresholds
2. Risk Reassessment
• Periodic reassessment of current risks and their priority
• Identification of risks that may have changed in probability or impact
• Closing risks that are no longer applicable
3. Risk Audits
• Examination of risk responses for effectiveness
• Documentation of successful and unsuccessful risk management approaches
• Identification of what worked and what needs improvement
4. Variance and Trend Analysis
• Comparison of planned versus actual results
• Analysis of trends to forecast potential future performance issues
• Assessment of deviations from the risk management plan
5. Technical Performance Measurement
• Comparison of technical accomplishments to schedule milestones
• Quantitative measurement of technical performance against plan
6. Reserve Analysis
• Monitoring the status of contingency and management reserves
• Evaluation of remaining reserves against remaining risks
7. Status Meetings
• Regular discussions focused on risk management
• Updates on risk status and response implementation
Key Tools and Techniques for Risk Monitoring
• Risk Reassessment: Regular reviews to identify new risks and reassess current ones
• Risk Audits: Structured reviews of risk responses and their effectiveness
• Status Meetings: Regular team discussions about risks
• Variance and Trend Analysis: Techniques to detect deviations from the plan
• Technical Performance Measurement: Comparing actual technical accomplishments against plan
• Reserve Analysis: Reviewing the adequacy of remaining reserves
Exam Tips: Answering Questions on Risk Monitoring
1. Focus on the Continuous Nature of Monitoring
• Remember that monitoring is not a one-time event but a continuous process throughout the project
• Emphasize that effective monitoring requires regular reviews and updates
2. Understand the Relationship with Other Risk Processes
• Recognize how monitoring connects with identification, analysis, and response planning
• Be clear about how monitoring feeds back into reassessment and replanning
3. Know the Key Outputs
• Work performance information
• Change requests
• Updates to project documents (particularly the risk register)
• Updates to organizational process assets
• Updates to the project management plan
4. Recognize Different Monitoring Approaches
• Be familiar with various monitoring techniques like earned value analysis, technical performance measurement, and reserve analysis
• Understand when each approach is most appropriate
5. Pay Attention to Stakeholder Communication
• Emphasize the importance of communicating risk status to stakeholders
• Understand how risk monitoring feeds into project reporting
6. Look for Context Clues in Questions
• Questions about monitoring often include phrases like "tracking," "following up," "reviewing effectiveness," or "ongoing assessment"
7. Connect Monitoring to Project Controls
• Link risk monitoring to overall project control mechanisms
• Understand how risk monitoring integrates with change management
8. Apply Situational Judgment
• In scenario-based questions, look for indications of whether monitoring activities are being performed adequately
• Identify when corrective action is needed based on monitoring results
Remember that the PMI-RMP exam often tests your understanding of how risk monitoring integrates with other project management processes and your ability to apply monitoring concepts in practical scenarios rather than simply recalling definitions.
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