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Chap 11.7 Monitor Risks

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Anand Bobade
Anand Bobade

The document discusses the process of monitoring risk in project management. It involves tracking identified risks, monitoring residual risks, identifying new risks, and evaluating the effectiveness of the risk management process. Key activities include performing data analysis, conducting risk audits and meetings, technical performance measurement, and reserve analysis. The goals are to improve the efficiency of the risk approach and optimize risk responses. Updates to project documents, risk register, and lessons learned are outputs of this process.

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PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Chapter 11 – Project Risk Management PMP Trainer: Anand BobadePMBOK 6th Edition, 2019, All rights reserved. Monitor Risk SIXTH EDITION
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) 11.6 Monitor Risk Monitor Risk - Definition Monitor Risk : ITTO Risk Audits Risk Re-assessment Technical Performance Measurement Review
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Project Risk Management Processes Plan Risk management Identify Risk Perform Qualitative Risk Analysis Perform Quantitative Risk Analysis Plan Risk Response Implement Risk Monitor Risk P MC P P P P E
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) tracking identified risks, monitoring residual risks, identifying new risks & evaluating risk process effectiveness throughout the project. It improves efficiency of risk approach & optimize risk responses. Tracking identified risks Monitoring residual risks Identifying new risks. Evaluating Risk process effectiveness. Monitor Risk Monitor Risks -> Definition
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Perform Variance & Trend analysis using performance information. This process is not about managing or responding to risks. So, do nothing about the Risk. Determine If project assumptions are still valid. If assessed risk has changed or can be retired If Risk management plan is followed. Alignment of contingency reserves. Choose alternative strategies (workarounds). Execute contingency or fallback plan. Update PMP, OPA (Lesson learned). Monitor Risks -> Introduction
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Monitor Risk -> ITTO Data analysis Audits Meetings Project Management Plan Project documents Work Performance Data Work Performance reports Work Performance Information Change request PMP updates Project document updates OPA updates Inputs Tools & Techniques Outputs
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Project Management Plan Project documents Work Performance Data Work Performance reports Monitor Risk -> Inputs
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Risk Management Plan • Overall Risk Management approach. • How to control the risk. Work Performance data • WPD from execution (Direct & Manage Project work) impacted by Risks. • E.g., Deliverable status, schedule progress and cost incurred. Work Performance reports: • Reports from Monitor & control Project work. • Contains Variance analysis, Earn Value Data & Forecasted data. • Useful in controlling Risks related to Project Performance. Monitor Risks->Inputs
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Project documents Monitor Risk -> Inputs -> Project documents Issue log Lessons learned register Risk Register Risk Report
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Data analysis Risk Audits Meetings Monitor Risks->T&T
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Data analysis Technical Performance Measurement Reserve Analysis Monitor Risks->T&T
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Technical Performance Measurement Compare technical accomplishments of project milestones to technical milestones as per the project plan. (Trend analysis using run charts) Requires defined objectives & Quantifiable technical performance measurements (E.g., Transaction time, storage capacity, no. of defects) If deviations are identified, they are documented & Risk Management team could suggest corrective actions. Q1 Q2 Q3 Design Build & test Prototype Prototype Demo to Client Monitor Risks->T&T->Technical Perf. Measurement Project Milestone Technical Milestone Technical Milestone Found many defects Impact 11.6 I T&T O
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Reserve Analysis Compares the amount of contingency reserves remaining to the amount of risk remaining at any time in the project in order to determine if the remaining reserve is adequate. Actual used reserves Planned Reserves Monitor Risks->T&T-> Reserve Analysis If risks do not occur, then the contingency reserves which were meant to pay for those risks can go back into the “pool” of reserves
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Risk Audits Risk audits Verify effectiveness of the risk management process. Risk audit meetings be held separately from the risk review meetings. Risk review meeting is held to review effectiveness of risk responses The format for the risk audit will be defined in the risk management plan. Monitor Risks->T&T -> Risk Audits
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Meetings Risk review meeting is held to review effectiveness of risk responses and are separate from Status meetings Documenting the effectiveness of risk Reassessment of current risks Closing of risks that are outdated Issues that have arisen as the result of risks that have occurred Identification of lessons to be learned Monitor Risks->T&T -> Meetings
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Work Performance Information Change request PMP updates Monitor Risks->Outputs Project document updates OPA updates
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Project document updates Monitor Risks->Outputs-> Project document updates Assumption log Issue log Lessons learned register Risk Register Risk Report
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Work Performance Information Provide mechanism to communicate & support project decision making. Monitor Risks->Outputs-> WPI
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Change Requests Implementing contingency plan or workarounds sometime results in CR. Recommended Corrective actions: • Contingency Plans. • Workarounds. Recommended preventive actions: • Ensure future project performance is aligned with PMP. Monitor Risks->Outputs->CR
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) OPA Updates Template for Risk Management plan & Risk Register. Risk Breakdown structure. Risk Categories. Lesson Learned. Monitor Risks->Outputs -> OPA
PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Monitor Risk - Definition Monitor Risk : ITTO Risk Audits Risk Re-assessment Technical Performance Measurement Monitor Risks -> Review
Chap 11.7 Monitor Risks

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Chap 11.7 Monitor Risks

  • 1. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Chapter 11 – Project Risk Management PMP Trainer: Anand BobadePMBOK 6th Edition, 2019, All rights reserved. Monitor Risk SIXTH EDITION
  • 2. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) 11.6 Monitor Risk Monitor Risk - Definition Monitor Risk : ITTO Risk Audits Risk Re-assessment Technical Performance Measurement Review
  • 3. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Project Risk Management Processes Plan Risk management Identify Risk Perform Qualitative Risk Analysis Perform Quantitative Risk Analysis Plan Risk Response Implement Risk Monitor Risk P MC P P P P E
  • 4. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) tracking identified risks, monitoring residual risks, identifying new risks & evaluating risk process effectiveness throughout the project. It improves efficiency of risk approach & optimize risk responses. Tracking identified risks Monitoring residual risks Identifying new risks. Evaluating Risk process effectiveness. Monitor Risk Monitor Risks -> Definition
  • 5. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Perform Variance & Trend analysis using performance information. This process is not about managing or responding to risks. So, do nothing about the Risk. Determine If project assumptions are still valid. If assessed risk has changed or can be retired If Risk management plan is followed. Alignment of contingency reserves. Choose alternative strategies (workarounds). Execute contingency or fallback plan. Update PMP, OPA (Lesson learned). Monitor Risks -> Introduction
  • 6. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Monitor Risk -> ITTO Data analysis Audits Meetings Project Management Plan Project documents Work Performance Data Work Performance reports Work Performance Information Change request PMP updates Project document updates OPA updates Inputs Tools & Techniques Outputs
  • 7. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Project Management Plan Project documents Work Performance Data Work Performance reports Monitor Risk -> Inputs
  • 8. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Risk Management Plan • Overall Risk Management approach. • How to control the risk. Work Performance data • WPD from execution (Direct & Manage Project work) impacted by Risks. • E.g., Deliverable status, schedule progress and cost incurred. Work Performance reports: • Reports from Monitor & control Project work. • Contains Variance analysis, Earn Value Data & Forecasted data. • Useful in controlling Risks related to Project Performance. Monitor Risks->Inputs
  • 9. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Project documents Monitor Risk -> Inputs -> Project documents Issue log Lessons learned register Risk Register Risk Report
  • 10. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Data analysis Risk Audits Meetings Monitor Risks->T&T
  • 11. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Data analysis Technical Performance Measurement Reserve Analysis Monitor Risks->T&T
  • 12. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Technical Performance Measurement Compare technical accomplishments of project milestones to technical milestones as per the project plan. (Trend analysis using run charts) Requires defined objectives & Quantifiable technical performance measurements (E.g., Transaction time, storage capacity, no. of defects) If deviations are identified, they are documented & Risk Management team could suggest corrective actions. Q1 Q2 Q3 Design Build & test Prototype Prototype Demo to Client Monitor Risks->T&T->Technical Perf. Measurement Project Milestone Technical Milestone Technical Milestone Found many defects Impact 11.6 I T&T O
  • 13. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Reserve Analysis Compares the amount of contingency reserves remaining to the amount of risk remaining at any time in the project in order to determine if the remaining reserve is adequate. Actual used reserves Planned Reserves Monitor Risks->T&T-> Reserve Analysis If risks do not occur, then the contingency reserves which were meant to pay for those risks can go back into the “pool” of reserves
  • 14. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Risk Audits Risk audits Verify effectiveness of the risk management process. Risk audit meetings be held separately from the risk review meetings. Risk review meeting is held to review effectiveness of risk responses The format for the risk audit will be defined in the risk management plan. Monitor Risks->T&T -> Risk Audits
  • 15. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Meetings Risk review meeting is held to review effectiveness of risk responses and are separate from Status meetings Documenting the effectiveness of risk Reassessment of current risks Closing of risks that are outdated Issues that have arisen as the result of risks that have occurred Identification of lessons to be learned Monitor Risks->T&T -> Meetings
  • 16. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Work Performance Information Change request PMP updates Monitor Risks->Outputs Project document updates OPA updates
  • 17. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Project document updates Monitor Risks->Outputs-> Project document updates Assumption log Issue log Lessons learned register Risk Register Risk Report
  • 18. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Work Performance Information Provide mechanism to communicate & support project decision making. Monitor Risks->Outputs-> WPI
  • 19. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Change Requests Implementing contingency plan or workarounds sometime results in CR. Recommended Corrective actions: • Contingency Plans. • Workarounds. Recommended preventive actions: • Ensure future project performance is aligned with PMP. Monitor Risks->Outputs->CR
  • 20. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) OPA Updates Template for Risk Management plan & Risk Register. Risk Breakdown structure. Risk Categories. Lesson Learned. Monitor Risks->Outputs -> OPA
  • 21. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com) Monitor Risk - Definition Monitor Risk : ITTO Risk Audits Risk Re-assessment Technical Performance Measurement Monitor Risks -> Review