ProPM / Control Risks
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The Control Risks process consists of;

  • Implementing risk response plans.
  • Tracking identified risks.
  • Monitoring residual risks.
  • Identifying new risks.
  • Evaluating risk process effectiveness throughout the project.

The key benefit of the Control Risks process is;

  • Improves efficiency of the risk approach throughout the project life cycle.
  • To continually optimize risk responses.

Planned risk responses in the risk register are executed during project life cycle;

  • But project work should be continuously monitored for new, changing & outdated risks.

Controlling risks uses techniques such as variance & trend analysis;

  • This requires performance info generated during project execution.

Other purposes for controlling risks are to determine if;

  • Project assumptions are still valid.
  • Analysis shows an assessed risk has changed or can be retired.
  • Risk management policies & procedures are being followed.
  • Contingency reserves for cost or schedule should be modified;
    • In alignment with the current risk assessment.

Controlling risks can lead to various activities;

  • Choosing alternative strategies.
  • Executing a contingency or fallback plan.
  • Taking corrective action.
  • Modifying the project management plan.

The risk response owner reports periodically to the Project Manager on;

  • The effectiveness of the plan.
  • Any unanticipated effects.
  • Any correction needed to handle the risk appropriately.

Controlling risks also includes updating organizational process assets;

  • Including lessons learned databases & risk management templates;
    • For the benefit of future projects.
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Risk Management          
Monitor and Control          
Control Risks          
Process Inputs          
Project Management Plan          
Risk register          
work performance data S          
Work performance reports          
Tools and Techniques          
Risk reassessment          
Risk audits          
Variance and trend analysis          
Technical Per. Measurements          
Reserve analysis          
Process Outputs          
Work Performance Info.          
Change Requests          
Proj. Mgmt. Plan Updates          
Proj. doc. updates          
Org. Proc. Assets updates          
Process Benefits          
Controlling risk Improves the efficiency of the risk mgmt. strategy throughout the project life cycle. By controlling risks, risk response is always optimized.          
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