From the course: Project Management Foundations

Monitor and control risks

From the course: Project Management Foundations

Monitor and control risks

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- [Instructor] Your risk management plan includes the risks you monitor and the response you would use to handle them. Now that the project is underway, you need to keep your eyes peeled for those risks becoming reality, and if they do, you jump into action with the appropriate response. In the risk management plan, each risk you decided to monitor has an owner assigned. That person's job is to watch their assigned risk and regularly updated status. Let's take a look at what owning a risk means in detail. Before a risk occurs, you proactively implement risk responses. That means you take steps to avoid, mitigate, or plan contingencies for the risk. Then you watch for signs that high priority risks are unfolding. Also, watch for the events that trigger a contingency plan. When a risk occurs, launch the response you planned, then track the results. Finally, regularly report risk status and update the risk log and detail sheet. Upgrade or downgrade risk probability or impact if situations have changed. Sometimes, risks go away as the project progresses and you can close them. Don't forget about lower priority risks. Changes in the project could bump up their probability or impact. As a team, check on them occasionally to see if they should be tracked. Also, watch for possible new risks that have arisen due to changes to the project. Managing and controlling risks is fairly easy as long as you have a plan. The exercise files include a scenario in which a risk comes to fruition. For practice, think about what you would do in response and why.

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