Search results for: Risk Monitoring and Control

Risk Monitoring and Control

While the project management team and or the project management team leader is doing its careful and complete characterizations of risk, they often will find themselves in a position in which they realize that a particular component as to the project and or a particular facet of that project does in fact come with a set or series of inherent risks. After all of these likely and potential risks have been properly organized and categorized, it is up to the project management team and or the project manager to effectively determine the best way to deal with these risks. The entire process of identifying these risks and establishing a method of dealing with them can be referred to as risk monitoring and control. This process refers to the process of detailing and tracking identified risks as well as monitoring residual risks, also the identification of any new risks that may arise. This also includes the execution of business response plans, as well as making a thorough evaluation of their effectiveness.

This term is defined in the 3rd edition of the PMBOK but not in the 4th.

Control Schedule

Control schedule is a process in project management that involves monitoring the status of activities related to a particular project. Aside from monitoring the status, it also involves updating of the project process as well as managing the changes to the schedule in order to achieve the plan.

Comparing the progress of the project against a scheduled baseline allows project managers to determine if a particular project activity is ahead or behind the schedule. Project managers can then plan on corrective actions to manage the changes to the baseline schedule. This will reduce the risk of delivery of the products or services especially when it is managed well.

The control schedule process is part of the controlling and monitoring process group of project management. The key principle of this process is that the changes should not just be reacted to but should also be controlled proactively. This task falls on the project manager and it is important that the project manager acts immediately before the changes affect or influence the entire project schedule.

Another aspect of the control schedule process is that it manages the expectations of the stakeholders by means of giving them advice when work needs to be performed including the type of work and its duration. It is carried out throughout the entire project after the schedule has been developed until all the activities have been completed.

It is important to know the actual performance of the schedule. Any schedule baseline can be approved using the Perform Integrated Change Control process. With the control schedule process, it allows project managers to determine the status  of the project schedule, conducting reviews, reprioritizing remaining work plan, determining that there is indeed a change of the project schedule and managing actual changes.

This term is defined in the 5th edition of the PMBOK.

Control Risks

Risks are always present in every project life cycle. A good project manager needs to be able to mitigate the risks proactively as well as keep an eye for potential risks. Good project management requires  effective ways to control risks. Control risk is a process that involves the implementation of risk response plans. It also involves tracking the identified threatening risks, identifying new risks, monitoring residual risks as well as evaluating the efficacy of risk processes utilized during the entire project.

Control risks is a process under the project risk management. Part of project risk management. Its major advantage is that it improves the efficiency of the stakeholders to manage the risk throughout the lifecycle of the project. Moreover, it also encourages stakeholders to optimize their risk responses.

During the project management plan, risks are already identified in order for the project manager to create a planned risk response. The planned risk response usually includes the risk register which is a list of the identified risks that may surface during the life-cycle of the project. It is also important for the control risks process to continuously monitor risks that may be brought about by changes in the project life cycle.

With control risk, project managers are able to select alternative strategies, execute contingency plans or take the necessary corrective actions. Moreover, they can also modify the entire project management plan in order to avoid huge risks altogether.

The risk response owner needs to create risk report and send it regularly to the project manager to make the necessary decisions or see any effects on the entire project. With the control risks process, necessary updates on the organization process, project lessons learned as well as risk management templates will be implemented.

This term is defined in the 5th edition of the PMBOK.

Control Quality

Control quality involves activities used to evaluate whether the product or service meets quality requirements that are specified for the project. Quality control is very crucial in project management because it ensures that everything is within the scope of the project planning.

In project management, the project managers  define as well as codifies the standards of the project that needs to be required in order to be successful. Moreover, how the standards will be confirmed or achieved is also stipulated in quality planning. Quality planning is very important because it influences the scheduling, costs and other factors involved. Without it, the project has a huge tendency to carry risks that it will be difficult to satisfy the requirements in the end.

One of the tools in quality management is control quality. It is a process of inspecting and verifying the product and services provided by the seller.  It also involves monitoring and recording the results of executing the quality activities in order to assess the performance of the project. This process is also necessary for creating recommendations for changes if necessary.

There are many benefits of control quality and these include (1) validating the deliverables, (2) meeting the requirements as specified by the stakeholders, (3) identifying cause of poor product quality, (4) recommending necessary actions to eliminate problems related to quality.

In order to implement control quality,  it is necessary to use the right inputs. Information from project management plan, quality metrics, quality checklist, work performance data, approved change requests, as well as deliverables, are necessary. The control quality is used to create quality control measurements, validated changes, verified deliverables, work performance information and change requests.

The control quality is an important process in quality planning and all effective project management processes should utilize it.

This term is defined in the 5th edition of the PMBOK.

Control Costs

During the implementation and execution of projects, procedures for control and record keeping are very important to project managers.  In project management, the tool that serves a different purpose in recording different financial transactions to indicate the problems or progress that are associated with the project.

Control costs are defined as processes for monitoring the status of a project in order to update the project costs. This will allow project managers to manage the changes in the cost baseline if present. It is important to take note that there will changes in the cost in any project life cycle. The benefit of the control costs is that it gives project managers a way to determine different variances from the plan, particularly on the cost so that they can take the appropriate corrective action to reduce the risk.

Project management relies on control costs in order to determine the changes in the costs involved in implementing and executing the project. It relies on both inputs and outputs  in order to analyze the cost data. The inputs necessary include the project management plan, funding requirements, work performance data and organizational structure. Using this information, project managers can create different outputs such as cost forecast, change request, project management plan updates and other updates concerning the documents and organizational structure.

Control costs require project managers to constantly review the budget as well as other financial information on a regular basis. This will ensure that all costs will be accounted for as well as determine potential cost risk of the project.

Simply coming up with a project budget is not enough during the planning session of your project. It is crucial for the entire team to keep a watchful eye on the cost to be always aware of the risks and how to avoid or mitigate them.

This term is defined in the 5th edition of the PMBOK.

Project Risk Management

Project Risk Management is a branch of the discipline of project management that deals with identifying and mitigating risk on a project. The desired outcome of risk management is to increase the probability and maximize the result of positive events. There are six steps to the project risk management process, and these steps are repeated over the course of the entire project.
Risk Management Planning-The process of analysis and decision making with regards to the best address, plan, and implement the risk management activities of a project.
Risk Identification- Assessment of the risk susceptibilities of a project and conveying their traits.
Qualitive Risk Analysis- The process by which risks on a given project are given ranking with regard to their potential occurrence and impact on a project.
Quantitive Risk Analysis- The numerical assessment of the impact of overall risk on a project.

Risk Response Planning-A phase of project management that concerns planning interventions to reduce the risk to a project when faced with an adverse event.
Risk Monitoring and Control-The dynamic and ongoing process of project risk management that notes risk occurrence, assesses the effect of risk, noting new risks, intervention with risk response plans, and assessing their outcomes across the duration of a project.
Risk management may involves the interaction of team members from other work groups to evaluate individual work packages and implement measures to reduce risk to the deliverables as a whole.
Risk is any element of uncertainty that may have a positive or negative impact upon project management such as time to completion, amount of resources, or cost.

This term is defined in the 3rd and the 4th edition of the PMBOK.