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The risk control and risk monitoring process entails keeping track of how an organization's risk responses perform in comparison to the plan, as well as where new risks to the project are managed (Balakian np). Risk management on projects comprises a risk assessment procedure as well as a risk mitigation strategy. In order to assess risk, it is required to identify prospective risks and estimate the potential impact of those risks.
The goal of risk mitigation planning is to eliminate or reduce the impact of risk events. Risk assessment is a creative as well as a systematic process. Through brainstorming sessions, the project team comes up with a creative strategy towards development of appropriate measures. In this view, risk monitoring and control serves various objectives. One, the process allows for the confirmation of risk responses in terms of following on set standards. Another goal rests with determining if risk responses stand effective, or if new responses remain clear (Balakian np). Third, determining the validity of the project assumptions is significant. Further, there is need to determine if risk exposure has changed given the trends in the project progression. Policies and procedures require monitoring to ensure that they occur as expected. Additionally, monitoring the project for new risks and risk triggers remains highly crucial.
To effectively monitor and control risks, there is need for key inputs including a risk management plan, risk register, risk response plan, project risk communication, identification of new risk, and changes to scope (Balakian np).
For project controls, a planning process becomes necessary to compare the expected and actual performance (p. 101). On this note, corrective actions occur where deviations are identified, thus, restoring performance back to set levels. The idea of risk control entails measures of monitoring and control. Here, the activities include stressing on the significance of risk management at project status meetings, monitoring triggers and residual risks (risks lacking measures in place). Moreover, performing risk management audits to determine effectiveness of risk plan is vital (p. 103)
Managing the critical path
The critical path generates from the start to the end of the network diagram showing a series of activities to successfully complete a given project. There is need to put great emphasis on the path while monitoring the project. Another critical path portraying the highest uncertainties stands clear. By assigning risk to the respective work packages, the project manager can identify this path.
Any events causing a threat of a risk to become a reality are risk triggers. The risk owner should ensure consistent monitoring of these triggers to develop predefined actions for implementation, if needed (p. 98).
Monitoring risk level
It is always appropriate to check if the risk level has changed for the project activities, as well as the overall project. Further, project reserves require periodic monitoring, couple with open and honest communication (p. 99).
Communication of risk
The communication of risks depends on the risk culture and organizational culture (p. 105). The important part of the risk management process rests with risk communication. An effective risk management demands for a transparent and honest communication between all involved parties to the project.
The project risk monitoring and control process serves a number of functions, including: identifying the risk events posing direct effects on the project deliverables; assigning quantitative and qualitative weight, showing the probability and implications of such events affecting the project deliverables; developing alternative course of action for events beyond control or mitigation; and implementing a continuous process for addressing new risks.
Balakian, Wes. Applying the Risk Monitoring and Control Process. True Solutions Inc, 2017. http://project-management.truesolutions.com/2010/09/21/applying-the-risk-monitoring-and-control-process/. Accessed 28 Dec 2017.
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