You have included a task in your project plan, ‘Risk Monitoring’. Your sponsor asks you what work is included in this task. Your response:
An ongoing process of managing risk is termed as risk monitoring.
Any project in its life cycle can face a plethora of risks or unwanted situations. Though all the changes and risks are not in our control many of these can be restrained beforehand or even in the initial stages of the risk. So risk monitoring is a part of any project that is unavoidable. Any risk monitoring programme should deal with risks that are already identified , residual risks which are underlying risks or secondary risks that arise and new risks that arise in the course of the project life.
Now the process of risk monitoring changes based on the
situation and the stage of the project life cycle.
There are a few stages in a risk monitoring task.
1. Identifying a risk: Identifying a risk can be done even before a project starts. These risks are determined beforehand and even the plans for handling the risks are prepared. In case of an identified risk the risk manager follows the steps that are preplanned and minimises the loss incurred due to that risk. But many risks arise during the course of the project. These kind of risks need to identified before they cost a heavy loss. New risks or already identified risks should be minimised so that the project costs wouldn’t build up leading to reduction in profits. All new risks need to be added to the risk register for further references.
2. Review risk monitoring plans: Every once in a while of risk monitoring needs to be reviewed and evaluated as to know whether the plan is going accordingly or even risk managers should look upon of new risks arising in the risk monitoring programme. The effectiveness of the risk monitoring programme should be evaluated regularly from time to time so as to not building up the risk. The risk monitoring plans also needs to be evaluated time to time so as to look upon the new risks and external internal factors that are effected by these risks.
3. Verifying the assumptions: Every once in the risk monitoring period the assumptions that were made during the period of risk evaluation should be checked and verified so that the assumptions did not go wrong for the concerning situations. Some external factors cannot be controlled so the assumptions previously made would go wrong if they are not verified periodically.
Once the risk is cleared off it needs to be added to the risk registry including the risk plan that worked for the prevailing situations. Every project needs to have a risk manager who can identify the risks from time to time and come up with action plans that suit up to minimise the costs.
You have included a task in your project plan, ‘Risk Monitoring’. Your sponsor asks you what...
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