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...
For a construction project, assume the role of the sponsor and: (a) List 3 major risk categories that the project might face from the point of view of the sponsor (b) For each category that you have defined above list one risk that the project might face (c) For each of the risks that you have listed analyze those risks in terms of probability and impact , and present your results of (a), (b) and (c ) in a risk...
at the project kickoff meeting, a team member asks what is the difference between the risk management plan and the risk register. You tell them:
You are heading a project to move your corporate website to the cloud. You insist that a project charter be created. Your project sponsor thinks this is a waste of time. Explain to your project sponsor the importance of this activity and what could go wrong if you skip this step. After posting your response, respond to at least one of your classmates’ response to the question.
Please provide your own unique response to the following: What is the relationship between the risk response plan and external project influences? When would a market opportunity for a project be incorporated into the project risk management plan? How and when would you recommend that external project influences be documented in the risk response plan?
Project 1 Design, develop and document a risk management plan related to: the reduction of accidents, illness or incidents relating to worker or general public safety the prevention of operational discontinuity the need for new or innovative improvement/ changes in processes or procedures (and the associated risks) environmental impact issues—including resource use and management You might choose another risk area relevant to the organisation for which you work. If you do you will need to describe the organisation and the...
what clauses would have been included in contracts to minimise risk on the Te Api project Hi, this is related to new Zealand wind farm.
Controlling risks, also referred to as “Risk Treatment”, will assist you in determining WHAT should be done in response to the risks that have been identified, in order to improve project outcomes. Fundamentally, the concept of controlling risks emphasizes the fact that, unless action is taken, the risk identification and assessment process has been wasted. Risk treatment converts the earlier analysis into substantive actions to reduce the levels of those risks with negative consequences and exploit the risks with positive...
Which of the following activities would likely be included in an operational plan? train all project managers regarding budget development and monitoring recruit, retain, and train a highly competent workforce maximize resources train staff to achieve public health competencies
Develop a 4 part project plan, using as your focus a work-related project you are doing now or will be doing in the future. Part 1 Create a Service Level Agreement which includes which includes: Project Description, Purpose, and Objectives: Part 2 Using a Gantt chart, construct a project schedule. Part 3 describe the project budget key success factors Part 4Create a risk management and quality management plan,
You are asked to finish a task by your supervisor. By considering various factors you have developed work objectives in order to complete the task on time. 1.1) Identify the four (4) factors that may affect the achievement of your work objectives. 1.2)Explain what you would do to reduce the impact of those factors in terms of developing a contingency plan (in 30-50 words).