With this week’s discussion board assignment, I chose the topic of monitoring and controlling risk within your project. I feel that staying atop of this issue is critical to the life and success of your project. This article stated that risk management is an on-going process throughout the life of your project. Risk and potential new risk must be continuously identified, analyzed, and responded to. The process of mentoring and controlling risk is:
Tracking existing risks
Monitoring residual risks
Identifying new risks (using the Identify Risk Process)
Implementing risk response plans (using the Plan risk responses process)
Evaluating risk process effectiveness continuously
A risk management plan is useful because it contains things such as timing and frequency for risk auditing, assessment and reporting. It is also food to include risk situations for discussion at team meetings. We must remember that cost, time, scope and quality interact and a risk relating to one of these may have an impact on one or the other. A risk in your project can cause a delay, rework, quality issues, over spent and functionality issues. A key way to monitor and control risks within your project is to determine the status on corrective and preventive actions that have been taken.
Some key differences and value in helping to monitor and control risks are:
Earned value metrics ie. schedule, costs and work performance, variances, forecasts and indexes.
The reason why any planned work was not completed and project variances.
Existing risk and issue status
New risks or issues
Changes requested and changes implemented
Quality results and issues
Project management plan
When performing a risk analysis you should consider the root cause and the effect of one risk on another.
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