Monitoring and controlling risks

Explain the tools and techniques for performing risk monitoring and control

Risk Reassessment - Reassessment is essential in any project, because it requires being attentive towards what will cause a risk in a project at all times. The groups need to have the risk reassessment be a constant topic in all status meetings, to make sure all employees are keeping it in their minds.

Risk Audits - These audits allow for an assessment of the risk responsiveness of the project team.

Variance and Trend Analysis - These analytics are used to determine the risk responsiveness through the data they've collected. They help monitor overall project performance throughout the timeline of the entire project.

Technical Performance Measurement - These measurements are based on the technical performance in the execution of the project put into reference with the planned performance at the beginning of the project.

Reserve Analysis - The reserves are kept in case of an emergency risk throughout the project, it's important to keep enough reserves in reference to the timeline. The project should always try to end with more than enough reserve resources for proper risk management.

Status Meetings - Status meetings are necessary in all projects for keeping everyone in the loop and connected in the goal of the team. The risk issues should be discussed at these for that exact reason, because everyone needs to work together to eliminate possible risks in the future.

Give two examples to explain how these tools help in project risk management
In my job at the afterschool program I work at, we have status meetings every week to go over all issues that are arising with the children. These help us try to defuse any issues that are growing between kids and other kids, as well as some kids not being able to handle certain responsibilities. This is a perfect example of risk management and how we use status meetings to keep everything well run and together.

Also, in my company making the video game, we had weekly status meetings on Sundays. These meetings allowed us to address any staff member that couldn't pull their weight that week. The risks involved in that project were much greater because the group was much smaller. If one team member didn't pull their weight, the entire team would be pushed over the schedule and the project would need to have reassessed resource uses.

Super Business - Project Management Articles. (n.d.). Retrieved December 5, 2014, from http://www.super-business.net/Project-Management/Knowledge/2468.html