Mastering Risk and Procurement in Project Management: A Guide to Planning, Controlling, and Resolving Unexpected Problems

7. Risk Monitoring and Control

7.1 Introduction

Organizations are faced with the reality of risk on a daily basis, and how the organization plans for problems and responds to those problems can be largely responsible for whether an organization is successful or struggles. Projects are similar as problems and risks due to uncertainty will always be a component of projects, and project managers have to plan for the worst to ensure the highest probability of success for their projects. This book covers five primary components of managing risk on projects which include:

• Identifying potential risks

• Analyzing risk information

• Planning risk responses and contingencies

• Monitoring and controlling risk

• Closing risk events

We have already studied ...