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Risk Monitoring and Control

Planned risk responses (Section 11.5) that are included in the project management plan are executed during the life cycle of the project, but the project work should be continuously monitored for new and changing risks.

Risk Monitoring and Control (Section 4.4) is the process of identifying, analyzing, and planning for newly arising risks, keeping track of the identified risks and those on the watchlist, reanalyzing existing risks, monitoring trigger conditions for contingency plans, monitoring residual risks, and reviewing the execution of risk responses while evaluating their effectiveness. The Risk Monitoring and Control process applies techniques, such as variance and trend analysis, which require the use of performance data generated during project execution. Risk Monitoring and Control, as well as the other risk management processes, is an ongoing process for the life of the project. 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.

Risk Monitoring and Control can involve choosing alternative strategies, executing a contingency or fallback plan, taking corrective action, and modifying the project management plan. The risk response owner reports periodically to the project manager on the effectiveness of the plan, any unanticipated effects, and any mid-course correction needed to handle the risk appropriately. Risk Monitoring and Control also includes updating the organizational process assets (Section 4.1.1.4), including project lessons-learned databases and risk management templates for the benefit of future projects.

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11-15. : Risk Monitoring and Control: Inputs, Tools & Techniques, and Outputs

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