Control Risks is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. Control Risk includes implementing risk response plans and monitoring the effectiveness of the specific responses as well as the risk management process as a whole. As the project progresses, the team will continually revisit all the risk management planning processes to identify, analyze, and respond to risks and opportunities throughout the project.
Information on the project performance is reviewed throughout the project to identify trends that can lead to negative project results, assumptions that are not valid, and the use of schedule and cost contingency reserve.
If results are not favorable the project team develops or employs previously identified strategies, takes corrective or preventive actions, and acts on contingency and fall-back plans as necessary.
Source: PMBOK® Guide—Fifth Edition
Source: PMBOK® Guide— ...