BSBPMG508A Manage Project Risk 11.6 Monitor and Control Risks Adapted from PMBOK 4 th Edition InitiationPlanning ExecutionClose Monitor Control The process.

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BSBPMG508A Manage Project Risk 11.6 Monitor and Control Risks Adapted from PMBOK 4 th Edition InitiationPlanning ExecutionClose Monitor Control The process of implementing risk response plans, tracking residual risks, identifying new risks, and evaluating risk management effectiveness Risk Action Plans are included in the project lifecycle and managed by this process Can include activities such as choosing alternative strategies, executing a contingency or fallback plan, and modifying the project management plan accordingly The Risk Owner reports periodically to the Project Manager on the effectiveness of the Risk Action Plans and responses Occurs throughout the project

BSBPMG508A Manage Project Risk 11.6 Monitor and Control Risks Inputs to Monitor and Control Risk Risk Register Risk Action Plans Project Management Plan Work Performance Information –Deliverable status –Schedule progress –Costs incurred Performance Reports Adapted from PMBOK 4 th Edition InitiationPlanning ExecutionClose Monitor Control

BSBPMG508A Manage Project Risk 11.6 Monitor and Control Risks Tools and techniques to Monitor and Control Risks include - Risk Audits Technical Performance Measurement Risk Re-assessment Variance & Trend Analysis Status Meetings Reserve Analysis Status Reports

BSBPMG508A Manage Project Risk 11.6 Monitor and Control Risks Risk Re-assessment Risk monitoring and control activities often result in the identification of new risks, re-assessment of current risks and the closing of risks that no longer apply. Re-assessment sessions need to be scheduled regularly and risk registers, status reports and risk action plans updated as a result. Risk Audits Examine and document the effectiveness of risk responses. Often combined with Risk Re-assessment activities. Variance and Trend Analysis Compares the planned results of risk responses and action plans to the actual outcomes. Often combined with Risk Re-assessment activities.

BSBPMG508A Manage Project Risk 11.6 Monitor and Control Risks Technical Performance Measurement – Advanced technique Measures the performance of technical accomplishments or deliverables. Can only be performed if quantifiable measures of technical performance are defined in the Project Management and Risk Management Plans. Reserve Analysis Compares the amount of risk reserves or contingency that remain at any point in time to determine if it is adequate or can be adjusted up or down based on the performance of risk management activities. Status Meetings Project Risk Management and a review of the Risk Register should be on the agenda for all Project Status Meetings. Status Reports Risk ratings and trends should be included in Project Status Reports for the high priority risks.

BSBPMG508A Manage Project Risk 11.6 Monitor and Control Risks Outputs of this process include – Risk Register Updates –Risk Re-assessments –Risk Audits –Risk reviews –Risk Action Plans Risk Management Plan Updates –Revised templates –Risk Breakdown Structure –Lessons learned from risk management activities Change Requests – Corrective and Preventative Actions Project Management Plan Updates Project Document Updates Adapted from PMBOK 4 th Edition InitiationPlanning ExecutionClose Monitor Control