Monitoring and Controlling: Risk
11.6 Control Risks
Process Definition
Risk monitor and control involves implementing risk response plans and updating risk evaluations to make sure the responses are effective. New risks can also be identified during this process, with new response plans developed and implemented.Process Assessment
Controlling risk is often overlooked by project teams. A great deal of time can be spent up front identifying and planning for risk, but then everything is shelved and people focus on the problem de jour. Keeping an eye on risk helps minimize those problems.
Figure 44. Control Risks: Inputs, Tools and Techniques, and Outputs. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide), 5th Edition" by Project Management Institute, 2013, p. 349. Copyright 2013 by Project Management Institute, Inc. Reprinted without permission.
- Risk Management Plan: Example of a risk management plan for small businesses and small projects. The risk management plan is an input to the "Control Risks" process.
- Variance and Trend Analysis: Homework problem from PMGT 501 to develop work performance information showing variance trends in technical, schedule and cost areas. This analysis is a tool and technique for this process.
- Project Document Updates: Example progress report showing risk response implementation and consequent risk probability and impact reduction. Risk register updates are an output from the "Monitor and Control Risks" process.