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Introduction


- This process ensures that the risk management plan is followed effectively and control any variance from the plan. Like any other monitoring and controlling process, the PM Plan is the key input to not only check the process specified in the RMP but also the impacts on other project objectives if process had to be controlled. The idea of this process is to develop strategies to increase the opportunities (positive risks) and reduce the probability and impact of threats (negative risks).
- This process also deals with providing work performance information based on current work performance data.
- The idea of this process is also to monitor the watch list, residual and secondary risks in order to keep them under control.
- Risk Audits are conducted to check if proper responses and plans are in place as part of this process.
- Reserve analysis is done to ensure that the existing contingency reserves are enough to handle the current risks on the project.
- Work Performance reports are analyzed to raise Change Requests as part of this process if controlling risks would result in change of baselines.

Inputs


- Work Performance Data: Useful in understanding the technical performance of the team.
- Work Performance Reports: Useful in analysis to decide if the performance measurement baselines are under control or change requests need to be raised.
- Risk Register: Useful in monitoring the watch list, risk owners and other relevant information.
- Project Management Plan: An important input for all monitoring and controlling processes since it not only has the risk management plan but also other plans.

Tools & Techniques


- Risk Reassessment: Based on what is present in risk register and work performance reports.
- Risk Audit: To audit the effectiveness of responses or plans in place.
- Variance Analysis and Trend Analysis: What are the current risks, what is the performance data available and what can be the trend? is everything under control?
- Reserve Analysis: Ensure that the contingency reserve is enough to handle the risks in the project.
- Technical Performance Measurement: Is the project team doing fine? The technical performance measurement can uncover any deviations in risk management process. E.g., Transaction times, weight of product, defects etc.
- Meetings: To analyze impacts or threats.

Outputs


- Work Performance Information: EVM calculations.
- Change Requests: Any changes to baselines or other plans / documents are processed as change requests.
- PM Plan Updates: As with any controlling process, this process can result in PM Plan and Project Document Updates.
- Project Document Updates
- OPA Updates: Risk Audit process result in assessment reports and they get added as OPA.

Match the Following


1. Workaround - a. Check Probability and Impact
2. Risk Reassessment - b. Risk Response Effectiveness
3. Risk Audit - c. Transaction time
4. Technical Performance Measurement – d. Passive Acceptance

Match the Following (Answers)


1. Workaround - d. Passive Acceptance
2. Risk Reassessment - a. Check Probability and Impact
3. Risk Audit - b. Risk Response Effectiveness
4. Technical Performance Measurement – c. Transaction time