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What it
is: Control Risks
Description
The project manager implements the risk management process outlined in the Risk Management Plan. The project manager monitors the risk plans to ensure the plans are being executed successfully. New risks are assessed on a regular basis and incorporated into the plan.
Rationale/Purpose
Following the process described in the risk management plan helps assure satisfactory project results by detecting the occurrence of factors than can cause risks to be realized and by responding according to plan.
Who is involved
Project Manager
Project Team
Project Sponsor
Customer
Project Stakeholders
Result
Risk Management Plan is applied
Risk log
Revisions to the Risk Register
How to: Control Risks
Recommended actions and strategies
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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.
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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?
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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. |
Templates/Examples: Control Risks
The table below provides templates and examples used to record realized risks.
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Updated March 1, 2007 - v2.1
