Process Definition

The Control Risks Process involves identifying and tracking identified risks, as well as the implementation of the risk response plan to ensure response effectiveness.  The key benefit to this process is that it is not a one-time all-inclusive plan.  The process allows for continued project evaluation and the development and implementation of new risk response plans.

Process Assessment

Identifying risk is not a 100% guaranteed one-time process.  Projects evolve and often expose risk that might not have been identified during the planning stages.  Developing risk management plan helps establish procedures for implementing risk response, as well as providing a means for tracking response effectiveness.  In addition, the plan allows for the identification of new risks and the development of an effective response plan.  Keeping an eye out for risks helps ensure project schedule, cost, and quality performance.

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. Copyright 2013 by Project Management Institute, Inc. Reprinted without permission.

Artifacts

1.  Project Management Plan (Input):  This PMGT 501 Group Assignment is the development of a Kitchen Renovation Project Management Plan.  This plan serves as a foundation in identifying and controlling risk.

2.  Variance and Trend Analysis (Tools & Techniques):  This PMGT 501 homework assignment calculates project performance by project period in order to determine what the performance should be at that point.  This type of trend analysis aids in determining potential risk to the budget and schedule.

3.  Variance and Trend Analysis (Tools & Techniques):  This PMGT 613 International Capital, Inc. Case Study utilizes trend and variance analysis in determining expected project performance.  This baseline provides a measurable standard and a snapshot for identifying potential risk.