Risk Monitoring and Control

Risk Monitoring and Control is a critical process in project risk management that occurs throughout the project lifecycle. This process involves tracking identified risks, monitoring residual risks, identifying new risks, implementing risk response plans, and evaluating their effectiveness. Key activities in Risk Monitoring and Control include: 1. Tracking identified risks against their planned responses and triggers 2. Evaluating the effectiveness of risk responses 3. Reassessing existing risks to determine if their probability or impact has changed 4. Identifying, analyzing, and responding to new risks as they emerge 5. Monitoring project conditions to detect deviation from risk management plans 6. Conducting regular risk reviews and audits 7. Analyzing trends in project execution that may indicate potential risk impacts 8. Updating risk registers and response plans as needed Effective tools and techniques include: - Risk reassessment through periodic reviews - Risk audits to examine and document risk response effectiveness - Variance and trend analysis to compare planned versus actual results - Technical performance measurement to track technical accomplishments - Status meetings to discuss risks regularly with the team - Reserve analysis to monitor contingency reserves against remaining risks The outputs of this process typically include: - Updates to the risk register - Organizational process asset updates (lessons learned) - Change requests for corrective and preventive actions - Project management plan updates as needed - Project document updates Risk Monitoring and Control ensures that project teams maintain awareness of risks throughout the project, take appropriate actions when risk triggers occur, and adapt their risk strategies as the project evolves. This continuous process helps maintain project objectives by addressing risks in a timely and effective manner.

Risk Monitoring and Control is a critical process in project risk management that occurs throughout the project lifecycle. This process involves tracking identified risks, monitoring residual risks, …

Concepts covered: Risk Audits, Technical Performance Measurement, Risk Reporting, Workarounds, Variance and Trend Analysis, Risk Register Updates, Variance and Trend Analysis, Risk Reviews, Risk Reassessment, Risk Escalation, Reserve Analysis, Change Requests, Risk Response Implementation Monitoring