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Risk Monitoring and Control
April 8, 2009 | Author: PM Hut | Filed under: Risk Management, Risk Response & Control
Risk Monitoring and Control (#7 in the series How To Effectively Manage Project Risks)
By Michael D. Taylor
As stated earlier in this series, risk management is not a one-time-only effort. New risks may present themselves as projects progress. For this reason project risk teams must constantly be on the lookout for potential risks. New risks that surface at various points in the project must then be subjected to the same risk management process. Risk control takes place when project managers remain aware of possible imminent threats and take adequate measures to implement responses in time. Inserting decision points in the project schedule will prevent project managers from getting caught off guard.
Note that not all potential project risks can be identified, some risks may be unpredictable. In such cases it is imperative that project managers ensure some degree of margin in the project schedule, the project budget, and in the scope of the project.
MICHAEL D. TAYLOR, M.S. in systems management, B.S. in electrical engineering, has more than 30 years of project, outsourcing, and engineering experience. He is principal of Systems Management Services, and has conducted project management training at the University of California, Santa Cruz Extension in their PPM Certificate program for over 13 years, and at companies such as Sun Microsystems, GTE, Siemens, TRW, Loral, Santa Clara Valley Water District, and Inprise. He also taught courses in the UCSC Extension Leadership and Management Program (LAMP), and was a guest speaker at the 2001 Santa Cruz Technology Symposium. His website is www.projectmgt.com.
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