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Saturday, 27 January 2007 17:33

Risk Monitor & Control

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This is the process of identifying, analyzing, and planning for risks. The PM keeps track of the identified risks, reanalyzing of existing risks, monitoring trigger conditions for contingency plans, monitoring residual risks, and reviewing the execution of risk responses while evaluating their effectiveness. It is done by using techniques, such as variance and trend analysis, which require the use of performance data generated during project execution. Project work should be continuously monitored for new and changing risks. Other purposes of Risk Monitoring and Control are to determine if:
  • Project assumptions are still valid
  • Risk, as assessed, has changed from its prior state, with analysis of trends
  • Proper risk management policies and procedures are being followed
  • Contingency reserves of cost or schedule should be modified in line with the risks of the project.

 

Notes: Historical Information - On the exam you should know that historic information, or data from similar projects, should always be reviewed to aid in determining project risk. The reason for this is simple; the PM will have an identified risk, a risk response and potentially a result of the risk response from the historical data.


Checklists - The advantage of a checklist to identify risks is that it’s a simple and direct approach to identify risks. The disadvantage of using a checklist for risk identification is that the participants may limit their risk identification to only the risk categories on the checklists.

 

Read 5561 times Last modified on Thursday, 10 December 2009 22:15

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