In the previous sections we have successfully completed majority of the Risk Management Processes. By now, we have thoroughly analyzed our risks and even formulated responses for those risks. So, the last step in the Risk Management knowledge area is the “Monitor and Control Risks” process. This is what we are going to learn in this chapter.
Purpose of the Process:
To implement risk response plans, track identified risks, monitor residual risks, identify new risks, evaluate the effectiveness of risk response plans and of the risk management process.
The purpose looks pretty lengthy and is not too clear, isn’t it? This is the official definition as per the PMBOK so I have put it here. Practically speaking this process is responsible for:
• Tracking identified risks
• Monitoring and analyzing residual risks
• Identifying new risks
• Executing risk response plans
• Evaluating the effectiveness of the risk response plans
• Evaluating the effectiveness of the risk management plan
• Checking the validity of project assumptions
• Closing out risks that are no longer valid/applicable
• Monitoring contingency reserves and modifying them as and when required
During the previous process in risk management, we actually created a lot of plans and formulated a lot of actions that were to be implemented as required. This is the process where we actually get to implement those plans and actions.
An important point to remember here is the fact that, during this process, we could uncover new risks as well. In such cases, we typically go back and analyze those risks and then take those risks through the full risk management process cycle. This is done to ensure that we are well planned & prepared to handle risks that may affect our project.
As risk responses are implemented and risks are tracked, any corrective actions required are submitted through the monitor and control risks process. A lot of lessons learned too are picked up in this process. As practitioners of good and proper project management practices, we would document these lessons learned appropriately as well.
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