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

8. Procurement Monitoring and Control

8.1 Introduction

As the project manager develops the project management plan at the onset of a new project, there are many uncertainties he will be faced with, and how he plans for these uncertainties can have a huge impact on the success of the project. We have already discussed how planning for risk is important, but monitoring and controlling risk throughout the project lifecycle helps reduce or eliminate risks before they happen. This can also be the case where monitoring and controlling procurements are concerned; management of risk can reduce problems associated with managing a project on the whole.

When we think about monitoring and control from a risk standpoint, this is usually performed exclusively ...