"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
The External Project Risk Audit examines:
Variance and Trend Analysis
Essential to conduct Risk Reviews because risks can and do change
Review periodically or at phase end
Remember to watch out for, keep an eye on, contracts and their inherent risks
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