Arun Manglick - Project Management: October 2014

Monday, October 13, 2014

This process is used for -

· Implementing Risk Response Plans,

· Tracking Identified Risk,

· Monitoring Residual Risks,

· Identifying New Risks &

· Evaluating Risk Process Effectiveness Thru out the Project.

Other functions of this process, includes following:

· Monitoring the project for occurrence of risk triggers

· Monitoring Residual Risks

· Identify New Risk and then analyze them and plan them.

· Evaluate effectiveness of Risk Management Plan.

· Evaluating Risk Response Plans that are put into action as a result of risk event

· Develop new Risk Response Plans

· Reexamining existing risks to determine if they have changed or should be closed out

· Reassessing project assumptions and determining validity

· Ensuring that policies and procedures are followed

· Ensuring that risk response plans and Contingency Plans are put into action appropriately and are effective

· Ensuring that Contingency Reserves (for schedule and cost) are updated according to the updated risk assessment

· Evaluating the overall effectiveness of the Risk processes

· Revisit Watch List to see if additional risk responses need to be determined.

· Revaluate Risk Identification & Qualitative & Quantitative Risk Analysis when the project deviates from the baseline.

Hope this helps.

Thanks & Regards,

Arun Manglick, (PMP®, PMI-ACP®, PRINCE2®, CSM®, MS-Project, CSSGB, ITIL V3, MCPD, MTECH)

Project Manager - Forecasting
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