Risk Monitoring and Control: Tools and Techniques

.1 Risk Reassessment

Risk Monitoring and Control often requires identification of new risks and reassessment of risks, using the processes of this chapter as appropriate. Project risk reassessments should be regularly scheduled. Project Risk Management should be an agenda item at project team status meetings. The amount and detail of repetition that is appropriate depends on how the project progresses relative to its objectives. For instance, if a risk emerges that was not anticipated in the risk register or included on the watchlist, or if its impact on objectives is different from what was expected, the planned response may not be adequate. It will then be necessary to perform additional response planning to control the risk.

.2 Risk Audits

Risk audits examine and document the effectiveness of risk responses in dealing with identified risks and their root causes, as well as the effectiveness of the risk management process.

.3 Variance and Trend Analysis

Trends in the project's execution should be reviewed using performance data. Earned value analysis (Section 7.3.2.4) and other methods of project variance and trend analysis may be used for monitoring overall project performance. Outcomes from these analyses may forecast potential deviation of the project at completion from cost and schedule targets. Deviation from the baseline plan may indicate the potential impact of threats or opportunities.

.4 Technical Performance Measurement

Technical performance measurement compares technical accomplishments during project execution to the project management plan's schedule of technical achievement. Deviation, such as demonstrating more or less functionality than planned at a milestone, can help to forecast the degree of success in achieving the project's scope.

.5 Reserve Analysis

Throughout execution of the project, some risks may occur, with positive or negative impacts on budget or schedule contingency reserves (Section 11.5.2.4). Reserve analysis compares the amount of the contingency reserves remaining to the amount of risk remaining at any time in the project, in order to determine if the remaining reserve is adequate.

.6 Status Meetings

Project risk management can be an agenda item at periodic status meetings. That item may take no time or a long time, depending on the risks that have been identified, their priority, and difficulty of response. Risk management becomes easier the more often it is practiced, and frequent discussions about risk make talking about risks, particularly threats, easier and more accurate.