11.6 Control Risks
Process Definition
Controlling risks is a process of mitigation plans, tracking risks identified, risk action follow-up, identifying new risks, and inspecting the overall risk process for effectiveness. This should improve the rate at which risks are handled as well as provide the most optimal risk response efforts.
Figure 48. Project Management Body of Knowledge Figure 11-20. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide), 5th Edition" by Project Management Institute, 2013, p. 232. Copyright 2013 by Project Management Institute, Inc. Reprinted without permission.
Process Assessment
Controlling risks is the effort of tracking the risk management efforts being accomplished in the execution phase are working properly. This includes ensuring all steps are being accomplished and that they are effective. Risks should be tracked throughout the entire project life-cycle.
(Inputs) Risk Register
The risk register is a list of identified risks with detailed information on the impact of the risk, its threat level and type. This example is from a group project in PMGT 613 Assessing and Managing Project Risk, written by Jeremy Curbey, Kevin Bundi, Benjamin Lundy, Sonya Slater, and Domingo Tuckler.
(Tools & Techniques) Control Risk Tools & Techniques
Control risk tools and techniques are ways to re-evaluate, monitor and update the original risk assessments as well as identify new risks. This example discusses these techniques and is from a group project in PGMT 612 Leading Projects Across Cultural, Corporate, and International Boundaries, that was written by Jeremy Curbey, Khoi ChuChe, Corey Cowley, Reese Darlington, and Domingo Tuckler .
(Outputs) Organizational Process Assets Updates
This examples is a risk register that can be used as a template for future projects. Other documents that can be used as templates for future projects can include the risk management plan and the probability ans impact matrix. This example was from a group project in PMGT 613 Assessing and Managing Project Risk, written by Jeremy Curbey, Kevin Bundi,
Benjamin Lundy, Sonya Slater, and Domingo Tuckler.