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'?

It is the process of monitoring identified risks for signs that they may be occurring, controlling identified risks with the agreed-upon responses, and looking for new risks that may creep into the project.

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?

It helps projects to become more successful by measuring the planned responses to risks and creates reactions to unplanned risks.

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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