Monitoring and Managing Project Risk

Name: Monitoring and Managing Project Risk
Author: Nick Ankrom

Explore how to monitor risks, and how to succeed in an Agile environment.

Preview the first lesson free — get full access to all 6 lessons.

Course: On-Demand

(gentle music) Let's explore how to monitor the risks you've identified, the life cycle of project risks, and how often you should reevaluate your risks. Once a risk has been identified and assessed, and triggers identified, the risk is assigned to a risk owner. The risk owner is a team member with an intimate knowledge of the risk and its triggers. As part of the handoff from project manager to risk owner, there needs to be communication about how and when to escalate or deescalate the risk to the project owner. The most obvious need for communication is whenever a risk trigger has occurred. The risk owners should notify the project manager immediately, so the risk response plan can be initiated. If there is no risk response plan, then it's time to develop one quickly. The risk owner may help their project manager with this task. The second communication is when the risk owner feels the risk priority or impact have changed. The escalation process could go one of two ways. If the risk owner feels there's immediate danger, or if they feel the change pushed a low priority risk into the high priority range, the risk owner can notify the project manager immediately. However, if there is no imminent danger, the risk owner can flag the risk to be reviewed as part of the next risk review meeting. As in most parts of a project, risks are fluid throughout the project life cycle, such that the project manager must monitor from the start of the project to its close out. Here are a few process related items the project manager can implement to help them manage this process. When identifying risks, be sure to identify a phase of the project where they have the highest likelihood of being triggered. It's important to keep a risk proximity list of items that are low priority, but that have a high likelihood of occurring in the near term. Keep the risk registry up to date at all times, so every team member has a real-time view of the project risks. And finally, follow the plan. In the beginning of your project, you defined what the risk management plan would be, along with how you would manage risk. Follow the plan you put in place. The same goes for risk response plans. If a trigger occurs, initiate the risk response plan you have in place. Don't deviate just because it may be a false alarm. Trust the process.

Intermediate Provider : Nick Ankrom 6 Lessons · 16m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

These lessons will teach you how to monitor the risks you’ve identified, and to understand how to evaluate process-related items and when to follow a plan. With these lessons, you’ll be able to assess overall project risk, and you’ll explore how to audit risks so you can proactively minimize them. You’ll understand the importance of risk review meetings, how to manage risks in an Agile environment, and what steps you can take to ensure your project is a success.

What You'll Learn

Monitor the project risks you have identified throughout the project
Assess overall project risk to understand its impact
Audit risks and conduct risk evaluations to proactively minimize them
Manage project risks in an Agile environment
Determine when to communicate about project risks and follow a plan
Reassess project risks through review and reassessment

Key Takeaways

Monitoring identified risks lets you evaluate process-related items and recognize when to follow a plan.
Assessing overall project risk helps you understand the combined risk to your project.
Auditing risks and risk evaluations allows you to proactively minimize them.
Risk review meetings are an important part of managing project risk.
Risks can be managed within an Agile environment to help ensure project success.

Frequently Asked Questions

What will this course teach me about project risk?

It teaches you how to monitor the risks you have identified, evaluate process-related items, know when to follow a plan, assess overall project risk, and audit risks so you can proactively minimize them.

Does this course cover risk management in Agile?

Yes. One of the learning objectives and a dedicated lesson, Agile Project Risk Management, cover managing risks in an Agile environment.

What topics are included in the lessons?

The lessons cover Monitoring Project Risk, Assessing Overall Project Risk, Project Risk Auditing and Reassessment, Managing Project Risk, Agile Project Risk Management, and a Test Your Knowledge section.

Does the course explain when to communicate about risks?

Yes. The course addresses when to communicate about project risks and the importance of risk review meetings.

Professional Certifications and Continuing Education Units (CEUs)

Project Management Institute (PMI®)

Professional Development Units (PDUs): 0.5

Certification Program Categories:

Ways of WorkingPower SkillsBusiness Acumen

KnowledgeCity has been reviewed and approved by the PMI® Authorized Training Partner Program. Users can maintain your PMI credentials by earning PDUs from KnowledgeCity qualified courses in Project Management, Business Management, Leadership and many others.