From Project Manager's Spotlight on Risk Management

You ve reached the last two steps in the risk management processes: monitoring risk response plans and performing risk audits. In this chapter, I ll discuss how and when to implement risk plans, the ongoing importance of monitoring the project for risks, and the benefits of performing risk audits.

Monitoring and Control

Risk Monitoring and Control is concerned with monitoring the status of risks associated with the project, monitoring the project environment, and responding to risks as they occur. The risk management plan (I talked about this in Chapter 1, What Is Risk Management? ) details how risk is managed overall, and the risk response plan details how the risk response strategies are implemented. Risk monitoring and control is about putting the plans into action and examining the results of those plans. This involves the following:

  • Tracking and monitoring identified risks

  • Responding to risks as they occur

  • Monitoring residual and secondary risks

  • Identifying new risks

  • Evaluating risk response plans that are put into action

  • Monitoring for risk triggers

  • Ensuring that risk policies and procedures are followed

  • Ensuring that risk response plans and contingency plans are appropriate and effective

One of the most important activities of this stage is, oddly enough, monitoring. Monitoring is an activity that includes gathering information, documenting the findings, and then reporting them. Some of the information you should review includes the previous list. In addition, you ll want to monitor the project environment. By this I mean what s happening in and around the project that may impact the...

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Topics of Interest

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Overview In this chapter, I ll discuss the how-tos of managing risks. The first step, of course, is to identify risks. I ll start by discussing a high-level overview of the identification process.

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