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Planned risk responses that are included in the project management plan are executed during the life cycle of the project, but the project work should be continuously monitored for new, changing, and outdated risks.The Monitor and Control Risks process applies techniques, such as variance and trend analysis, which require the use of performance information generated during project execution. Other purposes of the Monitor and Control Risks process are to determine if:Project assumptions are still valid,•Analysis shows an assessed risk has changed or can be retired,•Risk management policies and procedures are being followed, and•Contingency reserves of cost or schedule should be modified in alignment with the current •risk assessment.Monitor and Control Risks can involve choosing alternative strategies, executing a contingency or fallback plan, taking corrective action, and modifying the project management plan. The risk response owner reports periodically to the project manager on the effectiveness of the plan, any unanticipated effects, and any correction needed to handle the risk appropriately. Monitor and Control Risks also includes updating the organizational process assets, including project lessons learned databases and risk management templates, for the benefit of future projects.InputsTools & TechniquesOutputs.1 Risk register.2 Project management plan.3 Work performance information.4 Performance reports.1 Risk reassessment.2 Risk audits.3 Variance and trend analysis.4 Technical performance measurement.5 Reserve analysis.6 Status meetings.1 Risk register updates.2 Organizational process assets updates.3 Change requests.4 Project management plan updates.5 Project document updatesFigure 11-19. Monitor and Control Risks: Inputs, Tools & Techniques, and Outputs11CHAPTER 11 − PROJECT RISK MANAGEMENT