You may choose to live with the consequences of a

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Unformatted text preview: ponse planning concerns developing strategies that identifies how you’ll deal with the risks (beforehand or when they occur). Not all risks require response plans. You may choose to “live with” the consequences of a risk event if it occurs. Dr. Maged Ezzat Georgy 4. 4. Risk Monitoring and Control Risk development is monitored. The appropriate risk response plan is being implemented when a given risk materializes. It also involves evaluating the risk response plans after being put into action and making any corrections needed. Dr. Maged Ezzat Georgy 5. Risk Auditing and Review Primarily performed after the project is complete. Performing a risk audit is a lot like documenting lessons learned. Dr. Maged Ezzat Georgy close-out Executing & Control planning initiating Project Project Life Cycle Dr. Maged Ezzat Georgy Risk Management Process Within the Project Life Cycle Dr. Maged Ezzat Georgy Close-Out Risk Auditing & Review Execution & Control Control Risk Monitoring & Control Risk Response Planning Risk Analysis and Assessment Risk Identification Initiation & Planning Ri Risk Management Process: Iterative Nature Risk management is NOT a one-time process. Rather, it is a continuous and an iterative process. Dr. Maged Ezzat Georgy Risk Management Process: Iterative Nature For instance, when a new risk is recognized during project execution, it is added to the list, analyzed and the risk plan is updated with the appropriate response strategy to such risk. Some like to call this process by the name “progressive elaboration”. Dr. Maged Ezzat Georgy End of Week 1...
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This document was uploaded on 01/22/2014.

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