5th Edition PMBOK® Guide—Chapter 11: Process 11.6 Control Risks

1.  Introduction

The five risk-related project management processes in the Planning Process Group deal with setting up the Risk Management Plan (process 11.1), identifying (process 11.2), analyzing (processes 11.3 and 11.4), and then developing responses for risks to the project (process 11.5).  The last process 11.6 Control Risks is in the Monitoring and Controlling Process Group and is done periodically throughout the course of the project.

This post is devoted to the Inputs, Tools & Techniques, and the Outputs of this process 11.6 Control Risks.

2.  Inputs

The main inputs comes from the risk management plan and the risk register, with work performance data on how the project is going, along with analysis of that data.

1. Project Management Plan The components of the risk management plan that are inputs to the process are:

  • Guidelines for risk monitoring and controlling
2. Risk Register The pieces of information in the risk register that are used as inputs to the process are:

  • Identified risks and risk owners
  • Agreed-upon risk responses
  • Control actions for assessing effectiveness of response plans
  • Risk symptoms and warning signs
  • Residual and secondary risks
  • Time and schedule contingency reserves
  • Watch list (low priority risks)
3. Work Performance Data Performance results that may be impacted by risks include:

  • Deliverable status
  • Schedule progress
  • Costs incurred
4. Work Performance Reports Information from performance measurements is analyzed using variance analysis, earned value data, and forecasting data.
1. Risk reassessment Risk reassessments should be regularly scheduled in order to:

  • Identify new risks
  • Reassess current risks
  • Close risks that are outdated
2. Risk audits Examines and documents

  • Effectiveness of risk responses in dealing with identified risks and their root causes
  • Effectiveness or risk management process
3. Variance and trend analysis Variance analysis compares planned results to actual results, and trend analysis monitors overall project performance.  Together these forecast potential deviation of the project at completion from cost and schedule targets.
4. Technical performance measurement Compares technical accomplishments during project execution to schedule of technical achievement.
5. Reserve analysis Risks may occur with positive or negative impacts on time or schedule contingency reserves.
6. Meetings Project risk management should be agenda item at periodic status meetings.
1. Work performance information Provides mechanism to communicate and support project decision making.
2. Change Requests Implementing contingency plans or workarounds sometimes results in a change request which may recommend either a corrective or preventive action.
3. Project Management Plan  Updates If approved change requests have an effect on risk management process, the relevant components of the project management plan are revised to reflect the approved changes.
4. Project Documents Updates Risk register is updated to include:

  • Outcomes of risk reassessments, risk audits, and periodic risk reviews
  • Actual outcomes of the project’s risks and of the risk responses
5. OPAs updates Documents that may be updated may include:

  • Templates for the risk management plan
  • Risk breakdown structure
  • Lessons learned from project risk management activities

3.  Tools & Techniques

Risk are periodically reassessed during the course of the project, and the risk management processes themselves are assessed through risk audits.  Variance and trend analysis show how the project will turn out by the time of completion if the current performance continues.  Reserve analysis may impact the contingency reserves, which provide funding for risk responses.   If certain risks do not occur, the contingency reserves may be reduced because the risk responses are no longer needed.   PMI strongly recommends that periodic status meetings focus on risk management activities.

4.  Outputs

Risk responses may required change requests in order to be approved and implemented.  If they are implemented, the risk management plan may be updated.  Risk register can be updated to include results of risk reassessments, risk audits, and risk reviews.  OPAs may be updated for use on future projects.

he next post will go on to the next chapter, Chapter 12, on Project Procurement Management.


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