Risk monitoring and control is the process of keeping track of the identified risks, monitoring residual risks and identifying newrisks, ensuring the execution of risk plans and evaluating their effectiveness in reducing risk. Risk monitoring and control records risk metrics that are associated with implementing contingency plans. The tools and techniques for risk monitoring and control are given below:
1. Project risk response audits:
Risk auditors examine and document the effectiveness of the risk response in avoiding, transferring, or mitigating risk occurrence as well as the effective of the risk owner. Risk audits are performed during the project life cycle to control risk.
2. Periodic project risk reviews:
Project risk reviews should be regularly scheduled. Project risk should be an agenda item at all team meetings. Risk ratings and prioritization may change during the life of the project. Any changes may require additional quantitative and qualitative analysis.
3. Earned value analysis:
Earned value is used for monitoring overall project performance against a baseline plan. Result from an earned value analysis may indicate potential deviation of the project at completion from cost and schedule targets. When a project deviates significantly from the baseline, updated risk identification and analysis should be performed.
4. Technical performance measurement:
Technical performance measurement compares technical accomplishmentsduring project execution to the project plans schedule of technical achievement. Deviation, such as not demonstrating functionality as planned at a milestone, can imply risk to achieve the project’s scope.
5. Additional risk response planning:
If a risk emerges that was not anticipated in the risk response plan, or its impact on objectives is greater than expected, the planned response may not be adequate. It will be necessary to perform additional response planning to control the risk.