Introducing Project Risk Management - Implementing Risk Monitoring and Control
6 important questions on Introducing Project Risk Management - Implementing Risk Monitoring and Control
What do we mean with 'Risk monitoring and control'?
What are the goals of risk monitoring and control?
- To confirm that risk responses are implemented as planned
- To determine whether risk responses are effective or whether new responses are needed
- To determine the validity of the project assumptions
- To determine the status of risk exposure
- To monitor risk triggers
- To confirm that policies and procedures happen as planned
- To monitor the project for new risks
What are the inputs for risk monitoring and control?
- The risk register - the central risk repository
- The risk management plan - the organization's approach to risk management
- Work performance information - result of project work. If the performance of time, cost or scope suffers, then new risks might enter the project.
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What are the typical tools available for implementing risk monitoring and control?
- Completion of risk response audits - audit the risk response
- Completion of periodic risk reviews
- Use earned value analysis - can signal that risks are happening or that new risks may be developing
- Measuring Technical Performance -
- Completing additional risk planning - including contingency reserve re-evaluation
What is the purpose of risk monitoring and control?
What are the several outputs of risk monitoring and control?
- Work performance information
- Project document updates - e.g. risk register
- Organizational process assets updates - e.g. risk matrix template
- Change requests -
- Project management plan updates
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