Subtitles of the Movie

In this movie we'll cover the final process, Monitor and Control Risks, according to the Practice Standard for Project Risk Management. In this course we reviewed this process in detail in regard to how it's laid out within the PMBOK Guide, so again, we'll just touch on it briefly according to how it's presented in the Practice Standard. Here on your screen you can see the process's purpose as we defined it in the previous Section and according to the Practice Standard, so let's go through the Critical Success Factors, those factors that lead to successfully carrying out the process. There are just three, but they're important. The first one is: Integrate risk monitoring and control with project monitoring and control. I mentioned previously that risk management doesn't occur in isolation and the same goes for this process. Next, Continuously monitor risk-trigger conditions. This is extremely important. The risk management team needs to be well-attuned to this throughout this phase. The risk owner is responsible for being on top of this for their respective risks, of course, in collaboration with the risk or project manager. And finally, Maintain risk awareness. This is done through regular risk reporting typically through status meetings. Risk information should be communicated in an open and honest manner. Moving on to the Tools and Techniques there are four that we'll touch on. First is Managing contingency reserves. Do the contingency reserves provide the necessary level of confidence in the success of the project? The project managers should be asking themselves that question and this includes managing costs and time reserves. Next, we have Tracking trigger conditions. How this should be done is specified in the Plan Risk Responses process. Trigger conditions should be evaluated and tracked and may include information relating to the deliverables. Next, we have Tracking overall risks, which determines whether the responses are having a positive effect on the project's overall risk level. And lastly, Tracking compliance, where quality metrics that have been established are used to monitor the quality of the risk-related plans and processes. These metrics are established in the risk management plan. Documenting the results is done through the manner which we covered already in the Course, through the risk register, through the project management plan and project documents. Changes are recommended as needed and the effectiveness of the risk responses and risk management processes are examined and documented. Remember that the information documented is extremely valuable for future projects as well or other projects currently being managed by the organization. Lessons learned are an essential aspect of proactive project and risk management. And that concludes our snapshot of the Monitor and Control Risk process, the Critical Success Factors and the Tools and Techniques used by the process according to the Practice Standard for Project Risk Management. That also brings to a close our review of the Practice Standard. There's a lot of great information within the Practice Standard and I encourage you to read through the chapters to reinforce the information provided by the PMBOK Guide. At the end of the Practice Standard there's a review of each process according to the Risk Management Chapter of the PMBOK Guide. This book is not that long and presents the high level risk management concepts and processes concisely and clearly. And that brings this movie and Section to a close.