This lesson focuses on controlling risks and offers a brief summary of the entire module. Controlling risk examines how well you respond when risk is presented and how it impacted a project with regard to things such as outcome and cost. Remember risk affects many aspects of a project: cost, time, scope and quality. [toggle_content title="Transcript"] Control risk is the final process within the risk knowledge area. It's under monitoring controlling, unlike all the others, which are under planning. Control risk is the process that creates work performance information, change requests, project management plan updates. The inputs are, project management plan, risk register, work performance data, and work performance reports. The tools that are used are risk reassessment, risk audits, variance and trend analysis, technical performance measurements, reserve analysis and meetings. Your outputs are work performance information, you are generating reports which is telling if this risks are what they are supposed to. Change requests are changes to your project management plan if those risks are not performing the way...your risk plans are not performing the way how the risk are occurring. Project management plan updates are going back to each one of your plans, and updating your cost plan, your schedule plan. It's all your knowledge areas including risk. The inputs are the project management plan, risk register, work performance data. This is a new one. Your work performance data is data that comes out of your variance reports. It is also assessing how your risks have been occurring and its giving you information into assessing how your risk are doing. Work performance reports are your earn value. You are looking at cost time scope and saying how risk is having effect on what you have planned and what actually occurred. The tools are risk reassessment. You are looking at your risk register and you are assessing like do these risks still exist. Your other tool is risk audits, so you are going through and you are verifying that your employees are performing your plans according to plans that you created under risk. Variance in trend analysis, you are looking at what you planned and what actually occurred. If you plan this risk response, what actually happened to what you planned. Just like in cost, where you are going to earn value. Technical performance measurements, you are assessing time with assessing costs. You have gone in with predefined matrix, and you are assessing how well your response did according to time and cost. Reserve analysis. With risk you have identified a cost range which went to your cost knowledge area. You are assessing what these risks are that I have left. Do I have enough reserve, am I ready to cover this risk. You are having meetings to ensure that all your documents are up to date. After completing your risk knowledge area, you can see the impacts that risk has on the rest of the project management plan. You can see how it affects the cost time scope quality. After you have completed your risk knowledge area, you have to go back and go back to your other plans just to make sure that they are all updated for risk. [/toggle_content]
Project Management Professional (PMP) - PMI
Our online PMP training course educates on how to initiate, plan and manage a project, as well as the process behind analyzing risk, monitoring and controlling project contracts and how to develop project schedules and budgets.