Control Risks
Figure 44:Control Risks: Inputs, Tools and Techniques, and Outputs. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide), (5th Edition)" by Project Management Institute, 2013, p. 349. Newton Square, PA: Project Management Institute, Inc. Reprinted without permission
Figure 44: Control Risks above depicts all the possible inputs tools and techniques resulting in Work performance information, Change requests, Project management plan updates and Organizational process assets updates.
11.6 Control Risks
Process Definition
The importance of controlling risks is a continuous and ongoing process of monitoring and massaging risk responses to reduce or eliminate a negative risk or take advantage of a positive risk opportunity.
Process Assessment
Every process is a risk. Upfront planning and identification of risks through Qualitative analysis can categorize subjectively identify and categorize the perceived risk severity. Quantitative Risk Analysis utilizing statistical processes can further identify the real nasty risks. These two methods narrow the focus of where to concentrate your efforts in developing risk response plans. They got you is what occurs when you apply the risk response plan will you encounter a side effect that is worse than the originally identified risk? If your project variables change such as newly defined requirements this opens up a higher probability to risk exposure. Lessons Learned provides a treasure trove of risk information. A project manager who utilizes this information and lessons learned increases the odds in his favor in anticipating and preparing risk responses.
Control Risks
11.6.1
Input
In PGMT 613, risk register input in identification of creating risk response plans in the Control Risk process.
11.6.2
Tools and Technique
Quantitative Risk Analysis 613:
In PGMT 613, this mathematical tool utilized to quantify the risk severity and develop risk response plans.
11.6.3
Outputs
In PGMT 613, the Risk Status Report an output which updates the Risk Status or all risks identified.