What to do

How to do it

1

Manage risk throughout the Execute and Control Stage of the project

Perform the following activities as defined in the Risk Management Plan:

• Monitor for the occurrence of risk factors that may cause a risk to be realized
• Evaluate impact of realized risks, consult, respond and log results according to plan. Consider, for example:
• Is the project jeopardized by any planned or unplanned realized risks?
• Should the project be stopped or redirected?
• Review and update the risk register with any new risk that may be identified.
• Report status of risk management activities in regular project status reports.
• Provide other communications as appropriate.

2

Monitor risk management processes for effectiveness

Periodically evaluate the monitoring frequency, analysis techniques, anticipated impacts of realized risks, and planned response strategies relative to actual project experiences. Consider the following questions:

• Is the risk management plan serving the objectives of the organization and the project?
• Is the risk management process too heavy-handed? Too light?
• Are the right people involved in difficult decisions?
• Is an unplanned escalation procedure needed?

3

Take corrective action as needed

If answers to any of these questions suggest a significant action, consult with key stakeholders, document decisions, and take corrective action as noted.