Author: Elyse, PMP, CPHIMSMarch 29, 2007Risk monitoring and control is the process of identifying, analyzing, andplanning for newly discovered risks and managing identified risks. Throughout the process, the risk owners track identified risks, reveal newrisks, implement risk response plans, and gage the risk response planseffectiveness. The key point is throughout this phase constant monitoringand due diligence is key to the success. The inputs to Risk Monitoring and Control are:
Risk Management Plan
- The Risk Management Plan is details how toapproach and manage project risk. The plan describes the how and whenfor monitoring risks. Additionally the Risk Management Plan providesguidance around budgeting and timing for risk-related activities,thresholds, reporting formats, and tracking.
– The Risk Register contains the comprehensive risk listingfor the project. Within this listing the key inputs into risk monitoring andcontrol are the bought into, agreed to, realistic, and formal risk responses,the symptoms and warning signs of risk, residual and secondary risks,time and cost contingency reserves, and a watchlist of low-priority risks.
Approved Change Requests
– Approved change requests are thenecessary adjustments to work methods, contracts, project scope, andproject schedule. Changes can impact existing risk and give rise to newrisk. Approved change requests are need to be reviews from theperspective of whether they will affect risk ratings and responses of existing risks, and or if a new risks is a result.
Work Performance Information
– Work performance information is thestatus of the scheduled activities being performed to accomplish theproject work. When comparing the scheduled activities to the baseline, itis easy to determine whether contingency plans need to be put into placeto bring the project back in line with the baseline budget and schedule. Byreviewing work performance information, one can identify if trigger eventshave occurred, if new risk are appearing on the radar, or if identified risksare dropping from the radar.