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080 80 800 88811.6 Control Risks
"The process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks and evaluating risk process effectiveness throughout the project."
The definition shown above in italics is taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) – Fifth Edition, Project Management Institute Inc., 2013
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) – Fifth Edition, Project Management Institute Inc., 2013 Figure 11-20 Page 349
Control Risks
Involves
- Implementing risk response plans and workarounds,
- Tracking identified risks, monitoring residual risks, checking if assumptions are still valid
Risk Reassessments
- Identifying new risks; evaluating risk process effectiveness throughout the project; closing old risks
The External Project Risk Audit examines:
- The team's ability to identify risks.
- The effectiveness of risk response plans.
- The performance of risk owners.
Risk Control
Variance and Trend Analysis
- Trends in performance analysed for variance from forecast using e.g. EVM
- Deviation from baseline plan could indicate impact of threats and opportunities
Reserve analysis:
- Taking actions to mitigate risks may have a positive or negative effect on the budget or schedule contingency reserves.
- Reserve Analysis
- Compares the contingency reserves that are left
- To the remaining risk in the project
- Making an adjustment if necessary
Risk Reviews
Essential to conduct Risk Reviews because risks can and do change
Review periodically or at phase end
- Separate meeting Agenda item Project Risk Review Meeting.
Remember to watch out for, keep an eye on, contracts and their inherent risks
UP TO 5 Questions on this
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