Risk Management,

Monitoring and Project

Control

We would like to acknowledge the support of the Project Management

Institute and the International Institute for Learning, Inc. for permitting the
use of their intellectual property in this curriculum.
 Module 8 Objectives
By the end of this module, you will be able to:
• Identify approaches to risk identification and management

• Describe elements of
a complete project
assessment
approach
• Develop a
Monitoring Plan
• Identify the
importance of
integrated Change
Management
Objectives
Anticipated Outcomes
• Express why Monitoring and Controlling are Important.
• Differentiate between Monitoring and Controlling processes
• Articulate the elements of Monitoring and Controlling
• Understand various types of Monitoring and Controlling
• Be able to develop a Monitoring Plan
What is Risk Management?

Scope

Quality

Time Cost

RISK
Risk Analysis
 Prioritising Risks
Impact if risk event occurs

Severe Moderate Low

Probability of risk
event happening

High

Med

Low
Risk Response Strategies
• Avoidance
• Transference
• Mitigation
• Acceptance
Monitoring Complete Project Status
Knowledge Area Process
Integration • Monitor Project Work
Scope • Assess Scope Status
Time • Schedule Monitoring
Cost • Cost Monitoring
Quality • Assess Quality
Human Resource Management • Manage Project Team

Communication • Performance Reporting

• Manage Stakeholders
Risk • Risk Monitoring
Procurement • Contract Administration Monitoring
 4 Categories of Monitoring
Project Indicators Source of Assumptions
Description Verification
3. Objectives Monitoring -
Is the causal logical Goal text text text
between the objectives
and the goal correct?

Objective(s) text text text

2. Outcomes Monitoring -
Is the causal relationship
between the results and Results
the objectives correct?
text text text

1. Operational Monitoring
(bean counting) Activities text text text
• Service Delivery
• Physical Distribution
• Financial tracking
• Procurement and inventory Inputs
tracking
4. Risk Monitoring – Pay special attention to
monitoring your assumptions at the
Activity and Results levels during
implementation
Monitoring the Project Constraints

• Compare against the triple constraint

baselines
– Cost
– Time
– Scope (Product and Project)
• Identify variances
• React as necessary
Project Baselines
• The original plan, plus or minus approved
changes
• Baselines
– Scope: statement of work, work breakdown
structure
– Cost: project budget
– Schedule (Time): network diagram, Gantt
chart
Tasks Involved in Monitoring
Collect
Data

Analyze
Act
Data

Report
Plan
Results

Reflect
The Monitoring Plan
7 Questions for Monitoring Plans
1. What information is needed to track the indicator?
2. Who will collect the information? How often will it be
collected?
3. What data collection methods are appropriate?
4. How will the information be analyzed? Who will
analyze it? How often will it be analyzed?
5. Who will report the results?
6. Who will receive the results? What decisions will be
made with this information?
7. How best should the information be communicated
to different audiences?
Monitoring Responsibility Worksheet
Cost and Complexity of Data Collection
Managing Change
Change occurs for many reasons, including:
• Stakeholder input
• Team input
• Business input
The Triple Constraint

Scope

Quality

Time Cost
 Integrated Change Control
The integrated change control process is performed
from project inception through completion, because
projects seldom run exactly according to the project
management plan.

The project management plan, the project scope

statement, and other deliverables must be maintained
by carefully and continuously managing changes,
either by rejecting changes or by approving changes
so those approved changes are incorporated into a
revised baseline.
 Integrated Change Control Processes

The integrated change control process includes the

following change management activities:
• Identify and manage when changes occur or need to occur
• Ensure that only approved changes are implemented.
• Review and approve requested changes.
• Review and approve all recommended corrective and
preventive actions.
• Control and updating the scope, cost, budget, schedule, and
quality requirements based upon approved changes, by
coordinating changes across the entire project.
• Document the complete impact of requested changes.
Mapping your Change Processes
What is Project Control?

Monitoring

Measuring
Tracking
Progress

Project
Quality
Control Control
Control Scope

Inform Corrective
Stakeholders Action