Planned risk responses that are included in the

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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during the life cycle of the project, but the project work should be continuously monitored for new, changing, and outdated risks.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. Inputs Tools & Techniques Outputs .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 updates Figure 11-19. Monitor and Control Risks: Inputs, Tools & Techniques, and Outputs 11 CHAPTER 11 − PROJECT RISK MANAGEMENT
This copy is a PMI member benefit, not for distribution, sale or reproduction. 309 A Guide to the Project Management Body of Knowledge (PMBOK ® Guide) — Fourth Edition ©2008 Project Management Institute, 14 Campus Blvd., Newtown Square, PA 19073-3299 USA • Risk register 11.6 Monitor and Control Risks 4.5 Perform Integrated Change Control 4.3 Direct and Manage Project Execution 10.5 Report Performance • Risk management plan • Performance reports • Work performance information Project Risk Management • Risk register updates • Change requests • Project management plan updates • Project document updates Project Documents • Organizational process assets updates Enterprise/ Organization 11.2 Identify Risks 4.2 Develop Project Management Plan Figure 11-20. Monitor and Control Risks Data Flow Diagram 11.6.1 Monitor and Control Risks: Inputs .1 Risk Register The risk register has key inputs that include identified risks and risk owners, agreed-upon risk responses, specific implementation actions, symptoms and warning signs of risk, residual and secondary risks, a watchlist of low-priority risks, and the time and cost contingency reserves.

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