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Project Management Blog
Saturday, 27 January 2007 17:33

Risk Monitor & Control

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:
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Saturday, 27 January 2007 17:32

Risk Response Planning

Risk Response Planning is the process of developing options, and determining actions to enhance opportunities and reduce threats to the project’s objectives. It follows the Qualitative Risk Analysis and Quantitative Risk Analysis processes. It includes the identification and assignment of one or more persons (the “risk response owner”) to take responsibility for each agreed-to and funded risk response. Risk Response Planning addresses the risks by their priority, inserting resources and activities into the budget, schedule, and project management plan, as needed. 
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