Monitor Risks Process

In the process of risk identification, all the risks that may occur within the project are described as best they can be. An unlimited number of resources, models, methods, and artifacts for this identification process was used.

However, does all of this really prevent the emergence of a new risk? Or is it unlikely that there are also risks that we couldn't detect in the first place in some way?

Be sure that no matter how much risk identification work we do according to the nature of the projects, the number of undefined risks will be quite large. Moreover, taking lessons from the risks that occur, discovering new risks is part of the risk monitoring process. The process of monitoring risks is actually to be constantly alert, cunning, take lessons and use our minds. The risk monitoring process will give the project manager and the project team an opportunity to monitor if there are any risks that they have overlooked.

Another purpose of the risk monitoring process is to confirm whether the risk response plans defined or risk responses are optimized and created for the risks that have been quantitatively and qualitatively analyzed are correct. In this way, it is clarified whether the optimized risk responses are still compatible with the changing project conditions. After doing all this, as the project features become clear, such as an upcoming wave, as the project matures, the number of undefined risks will be minimized.

Monitor risks process is used as a part of process groups and processes model in predictive lifecycles. It is also related to 

Inputs to the Monitor Risks Process

  • Cost management plan
  • Performance measurement baseline
  • Lessons learned register
  • Project funding requirements
  • Work performance data
  • Cost baseline
  • Organizational process assets
Methods used in Monitor Risks Process
  • Expert judgment
  • Reserve analysis
  • To-complete performance index
  • Trend analysis
  • Project management information system
  • Variance analysis
  • Earned value analysis
See also: