PMLT

EPM-2193 Monitoring and Controlling Project Requirements

Advanced Project
Management and Strategic
Leadership

© Cestar College of Business, Health and Technology, North York,

PMLT Faculty Toronto, ON, M2J 1S5, Canada
Course
Description EPM-2193 Monitoring and Controlling Project Requirements

In This Course
Course Description

In this course the student explores monitoring and

controlling processes beginning with project initiation and
carrying on to project closure for all knowledge areas. The
student applies theory learned from previous courses into
a practical environment using specific tools to monitor and
control project progress to measure a project’s
performance and apply remedial actions where necessary.

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PMLT Faculty Toronto, ON, M2J 1S5, Canada
 CLO EPM-2193 Monitoring and Controlling Project Requirements
n g
n i
a r 5. Develop a system for identifying risk events that
e
L es
includes, but is not limited to, an issue register, the

s e risk register, and risk audits.

u r om
Co utc
5.1 Describe the difference between an issue and a
risk.
h e O
T 5.2 Relate how risks are monitored in a project
environment using the tools and techniques
5.3 Illustrate a risk escalation process to ensure risks
do not manifest into issues.

© Cestar College of Business, Health and Technology, North York,

PMLT Faculty Toronto, ON, M2J 1S5, Canada 3
Session
Coverage 5.1
EPM-2193 Monitoring and Controlling Project Requirements

Session Coverage

5.1 Describe the difference

between an issue and a risk.

© Cestar College of Business, Health and Technology, North York,

PMLT Faculty Toronto, ON, M2J 1S5, Canada 4
 EPM-2193 Monitoring and Controlling Project Requirements
5. Develop a system for identifying risk events that includes, but is not limited to, an issue register,
the risk register, and risk audits.
Describe the difference between an issue and a risk.
Issue is
…? Issue is any matter referred by the project team to
anyone outside the team for resolution, because the
team itself is not able to resolve the problems arising
out of that matter.
Risk is to be managed by the project team, in
accordance with the preventive activities listed in the
Risk Management Plan and the Project Management
Plan. As long as the project teams is managing the risk
through preventive activities, there is no need to do
raise an issue.
© Cestar College of Business, Health and Technology, North York,
PMLT Faculty Toronto, ON, M2J 1S5, Canada 5
 EPM-2193 Monitoring and Controlling Project Requirements
5. Develop a system for identifying risk events that includes, but is not limited to, an issue register,
the risk register, and risk audits.
Describe the difference between an issue and a risk.

External However, there may be situations, when the risk

Help prevention or corrective measures or risk
management in any way needs actions which are
beyond the sphere of direct influence of the
project team.
In such situations, the project team may need
external help through the organisations formal
channels, normally through the sponsor or the
steering committee.

© Cestar College of Business, Health and Technology, North York,

PMLT Faculty Toronto, ON, M2J 1S5, Canada 6
 EPM-2193 Monitoring and Controlling Project Requirements
5. Develop a system for identifying risk events that includes, but is not limited to, an issue register,
the risk register, and risk audits.
Describe the difference between an issue and a risk.

External These request for intervention will be raised through

Help-2 an issue, which should be logged in an issues log and
raised with the sponsor or the PMO or any other
entity, depending upon the organisations structure
and the power and administrative structure.
In simple terms, in the context of project risk
management, an issue is a threat which can not be
managed by the project team without support from
outside the project team.

© Cestar College of Business, Health and Technology, North York,

PMLT Faculty Toronto, ON, M2J 1S5, Canada 7
Session
Coverage 5.2
EPM-2193 Monitoring and Controlling Project Requirements

Session Coverage

5.2 Relate how risks are monitored

in a project environment using
the tools and techniques.

© Cestar College of Business, Health and Technology, North York,

PMLT Faculty Toronto, ON, M2J 1S5, Canada 8
 EPM-2193 Monitoring and Controlling Project Requirements
5. Develop a system for identifying risk events that includes, but is not limited to, an issue register,
the risk register, and risk audits.
Monitoring Risks
Monitor Risks is the process of
What is 1. Monitoring the implementation of agreed-upon risk
Monitor response plans,
Risk 2. Tracking identified risks,
Process? 3. Identifying and analyzing new risks, and
4. Evaluating risk process effectiveness throughout the
project.
The key benefit of this process is that it enables project
decisions to be based on current information about overall
project risk exposure and individual project risks.
This process is performed throughout the project.

© Cestar College of Business, Health and Technology, North York,

PMLT Faculty Toronto, ON, M2J 1S5, Canada 9
 EPM-2193 Monitoring and Controlling Project Requirements
5. Develop a system for identifying risk events that includes, but is not limited to, an issue register,
the risk register, and risk audits.
Monitoring Risks
Monitor 11.7 Monitor Risk
Risk- INPUT Tools & Techniques OUTPUTS
Process 1. Project management 1. Data analysis 1. Work performance
plan • Technical performance information
• Risk management plan analysis 2. Change requests
2. Project documents 2. Audits 3. Project management plan
• Issue log 3. Meetings updates
• Lessons learned • Any component
register 4. Project documents
• Risk register updates
• Risk report • Assumption log
3. Work performance data • Issue log
4. Work performance • Lessons learned register
reports • Risk register
• Risk report
5.OPAs updates
© Cestar College of Business, Health and Technology, North York,
PMLT Faculty Toronto, ON, M2J 1S5, Canada Ref: PMBOK V6 10
 EPM-2193 Monitoring and Controlling Project Requirements
5. Develop a system for identifying risk events that includes, but is not limited to, an issue register,
the risk register, and risk audits.
Monitoring Risks
The project work should be continuously monitored for all project risks for new,
What does changing, and outdated individual risks. The project team should also look for
Monitor Risks changes in the level of overall project risk.
process check The Monitor Risks process uses performance information generated during project
execution to determine if:
- Implemented risk responses are effective,
- Level of overall project risk has changed,
- Status of identified individual project risks has changed,
- New individual project risks have arisen,
- Risk management approach is still appropriate,
- Project assumptions are still valid,
- Risk management policies and procedures are being followed,
- Contingency reserves for cost or schedule require modification, and
- Project strategy is still valid.
© Cestar College of Business, Health and Technology, North York,
PMLT Faculty Toronto, ON, M2J 1S5, Canada 11
 EPM-2193 Monitoring and Controlling Project Requirements
5. Develop a system for identifying risk events that includes, but is not limited to, an issue register,
the risk register, and risk audits.
Monitoring Risks
Data Tools & Techniques – Data Analysis
Analysis – Two key data analysis techniques are:
Technical Technical performance analysis.
Performance
• This analysis compares technical accomplishments during
project execution to the schedule of technical achievement.
• It focusses on quantifiable measures of technical
performance, which can be used to compare actual results
against targets. It may include weight, transaction times,
number of delivered defects, storage capacity, etc.
• Deviation need to be understood as it indicates the
potential impact of threats or opportunities.
© Cestar College of Business, Health and Technology, North York,
PMLT Faculty Toronto, ON, M2J 1S5, Canada 12
 EPM-2193 Monitoring and Controlling Project Requirements
5. Develop a system for identifying risk events that includes, but is not limited to, an issue register,
the risk register, and risk audits.
Monitoring Risks
Data Tools & Techniques – Data Analysis
Analysis – Reserve analysis.
Reserve • Some individual project risks may occur with positive or
Analysis negative impacts on budget or schedule contingency
reserves.
• 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.
• This may be communicated using various graphical
representations, including a burndown chart.

© Cestar College of Business, Health and Technology, North York,

PMLT Faculty Toronto, ON, M2J 1S5, Canada 13
 EPM-2193 Monitoring and Controlling Project Requirements
5. Develop a system for identifying risk events that includes, but is not limited to, an issue register,
the risk register, and risk audits.
Monitoring Risks
Tools & Techniques – Audit
Risk
Audit Risk Audit
Risk audits are undertaken to evaluate the effectiveness of the risk
management process.
The project manager is responsible for ensuring that risk audits
are performed at an appropriate frequency, as defined in the
project’s risk management plan.
Risk audits may be conducted
- As a part of regular project review meetings or
- As a special risk review meeting, or
- As a separate risk audit meetings.
The format for the risk audit and its objectives should be clearly
defined before the audit is conducted.

© Cestar College of Business, Health and Technology, North York,

PMLT Faculty Toronto, ON, M2J 1S5, Canada 14
 EPM-2193 Monitoring and Controlling Project Requirements
5. Develop a system for identifying risk events that includes, but is not limited to, an issue register,
the risk register, and risk audits.
Monitoring Risks
Risk Once a work package has been delivered and accepted by
Retirement the customer, the following actions should be undertaken
by the project team.
1. Mark the risks related to that WP as “Retired”
2. If the WP contingency reserve was transferred to a
separate account for the project, transfer the
remaining reserve fund to the organisation, and inform
the finance department
3. If the fund was not transferred, only allocated, send a
fund release note to the finance department
4. DO NOT use or transfer this fund for any other activity
or Work Package.
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Break EPM-2193 Monitoring and Controlling Project Requirements

B
R
E
A
K
© Cestar College of Business, Health and Technology, North York,
PMLT Faculty Toronto, ON, M2J 1S5, Canada 16
Session
Coverage 5.3
EPM-2193 Monitoring and Controlling Project Requirements

Session Coverage

5.3 Illustrate a risk escalation

process to ensure risks do not
manifest into issues.

© Cestar College of Business, Health and Technology, North York,

PMLT Faculty Toronto, ON, M2J 1S5, Canada 17
 EPM-2193 Monitoring and Controlling Project Requirements
5. Develop a system for identifying risk events that includes, but is not limited to, an issue register,
the risk register, and risk audits. Risk Escalation Process
Escalation-
For an effective risk escalation process, it is desirable to have
Responsibilities the risk escalation process in place.
Here are the typical components of a risk escalation process:
Responsibilities
If it is necessary to have clearly defined responsibilities in
case a risk emerges, or the probability of its emergence
has become high enough to trigger a risk response
action. This will typically be the person responsible for
the work package. The Work Package manager should
escalate it to the project Manager or the Risk Manager.

© Cestar College of Business, Health and Technology, North York,

PMLT Faculty Toronto, ON, M2J 1S5, Canada 18
 EPM-2193 Monitoring and Controlling Project Requirements
5. Develop a system for identifying risk events that includes, but is not limited to, an issue register,
the risk register, and risk audits. Risk Escalation Process
Escalation-
Response
Management Risk Response Management
The Risk Manager and the Project Manager
jointly should formulate the strategy to deal
with the risk. It may need help from outside the
project team to initiate preventive measures. In
such a case help from the sponsor and other
specialised operations department – IT
Support, Security, procurement, compliance ,
etc. may be needed

© Cestar College of Business, Health and Technology, North York,

PMLT Faculty Toronto, ON, M2J 1S5, Canada 19
 EPM-2193 Monitoring and Controlling Project Requirements
5. Develop a system for identifying risk events that includes, but is not limited to, an issue register,
the risk register, and risk audits. Risk Escalation Process
Escalation-
Response
Tracking
Tracking
• The escalation plan should have a register
similar to a risk log in, which keeps track of the
problems, the way they are managed and the
priority of each one.
• The team should control the temptation to use
the risk register as the escalation register. Such a
practice will dilute the risk response.

© Cestar College of Business, Health and Technology, North York,

PMLT Faculty Toronto, ON, M2J 1S5, Canada 20
 EPM-2193 Monitoring and Controlling Project Requirements
5. Develop a system for identifying risk events that includes, but is not limited to, an issue register,
the risk register, and risk audits.

Escalation- Response Agility

Agility and Project managers and leaders must collaborate promptly
with teams and stakeholders to ensure that risks are
Communication addressed promptly in order to recover from any mishaps
or reduce the problem.
Communication
Effective communication will be the key to an effective
escalation.
The communication plan should have clear cut details
about the entities, modes, and formats regarding
escalation. If the team thinks it needs to be changed in the
interest of effectiveness, it should be revised without
wasting time.
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PMLT Faculty Toronto, ON, M2J 1S5, Canada 21
 EPM-2193 Monitoring and Controlling Project Requirements
5. Develop a system for identifying risk events that includes, but is not limited to, an issue register,
the risk register, and risk audits.

GROUP • Please read the Robot Deployment project

EXERCISE covered earlier.
• Think of three possible risk situations. These
situations have not emerged but the work
package owner has informed you that a critical
level has reached.
• What should be your escalation process in each
one.
• Present your escalation process to the class.
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Questions? EPM-2193 Monitoring and Controlling Project Requirements

Any Questions?

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Thank You EPM-2193 Monitoring and Controlling Project Requirements

Thank You !

© Cestar College of Business, Health and Technology, North York,

PMLT Faculty Toronto, ON, M2J 1S5, Canada