The document discusses the process of monitoring risk in project management. It involves tracking identified risks, monitoring residual risks, identifying new risks, and evaluating the effectiveness of the risk management process. Key activities include performing data analysis, conducting risk audits and meetings, technical performance measurement, and reserve analysis. The goals are to improve the efficiency of the risk approach and optimize risk responses. Updates to project documents, risk register, and lessons learned are outputs of this process.

1. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Chapter 11 –
Project Risk Management
PMP
Trainer: Anand BobadePMBOK 6th Edition, 2019, All rights reserved.
Monitor Risk
SIXTH EDITION

2. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
11.6 Monitor Risk
Monitor Risk - Definition
Monitor Risk : ITTO
Risk Audits
Risk Re-assessment
Technical Performance Measurement
Review

3. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Project Risk Management Processes
Plan Risk management Identify Risk
Perform Qualitative
Risk Analysis
Perform Quantitative
Risk Analysis
Plan Risk Response Implement Risk Monitor Risk
P
MC
P P P
P E

4. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
tracking identified risks, monitoring residual risks, identifying new
risks & evaluating risk process effectiveness throughout the project.
It improves efficiency of risk approach & optimize risk
responses.
Tracking identified risks Monitoring residual risks
Identifying new risks.
Evaluating Risk process
effectiveness.
Monitor Risk
Monitor Risks -> Definition

5. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Perform Variance & Trend analysis using performance information.
This process is not about managing or responding to
risks. So, do nothing about the Risk.
Determine
If project assumptions are still valid.
If assessed risk has changed or can be
retired
If Risk management plan is followed.
Alignment of contingency reserves.
Choose alternative strategies
(workarounds).
Execute contingency or fallback
plan.
Update PMP, OPA (Lesson
learned).
Monitor Risks -> Introduction

6. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Monitor Risk -> ITTO
Data analysis
Audits
Meetings
Project Management
Plan
Project documents
Work Performance
Data
Work Performance
reports
Work Performance
Information
Change request
PMP updates
Project document updates
OPA updates
Inputs Tools & Techniques Outputs

7. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Project Management
Plan
Project documents
Work Performance
Data
Work Performance
reports
Monitor Risk -> Inputs

8. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Risk Management Plan
• Overall Risk Management approach.
• How to control the risk.
Work Performance data
• WPD from execution (Direct & Manage Project work)
impacted by Risks.
• E.g., Deliverable status, schedule progress and cost incurred.
Work Performance reports:
• Reports from Monitor & control Project work.
• Contains Variance analysis, Earn Value Data & Forecasted
data.
• Useful in controlling Risks related to Project Performance.
Monitor Risks->Inputs

9. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Project documents
Monitor Risk -> Inputs -> Project documents
Issue log
Lessons learned
register
Risk Register Risk Report

10. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Data analysis Risk Audits Meetings
Monitor Risks->T&T

11. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Data analysis
Technical Performance
Measurement
Reserve Analysis
Monitor Risks->T&T

12. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Technical Performance
Measurement
Compare technical accomplishments of project milestones to technical milestones as per the
project plan. (Trend analysis using run charts)
Requires defined objectives & Quantifiable technical performance measurements (E.g.,
Transaction time, storage capacity, no. of defects)
If deviations are identified, they are documented & Risk Management team could suggest
corrective actions.
Q1 Q2 Q3
Design
Build & test
Prototype
Prototype
Demo to Client
Monitor Risks->T&T->Technical Perf. Measurement
Project
Milestone
Technical
Milestone
Technical
Milestone
Found many
defects
Impact
11.6 I T&T O

13. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Reserve Analysis
Compares the amount of contingency reserves remaining to the amount of risk
remaining at any time in the project in order to determine if the remaining
reserve is adequate.
Actual used reserves
Planned Reserves
Monitor Risks->T&T-> Reserve Analysis
If risks do not occur, then the contingency reserves which were meant to pay for those risks
can go back into the “pool” of reserves

14. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Risk Audits
Risk audits Verify effectiveness of the risk management process.
Risk audit meetings be held separately from the risk review meetings.
Risk review meeting is held to review effectiveness of risk responses
The format for the risk audit will be defined in the risk management plan.
Monitor Risks->T&T -> Risk Audits

15. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Meetings
Risk review meeting is held to review effectiveness of risk responses and are
separate from Status meetings
Documenting the
effectiveness of risk
Reassessment of current
risks
Closing of risks that are
outdated
Issues that have arisen
as the result of risks that
have occurred
Identification of lessons
to be learned
Monitor Risks->T&T -> Meetings

16. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Work Performance
Information
Change request PMP updates
Monitor Risks->Outputs
Project document
updates
OPA updates

17. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Project document
updates
Monitor Risks->Outputs-> Project document updates
Assumption log Issue log
Lessons learned
register
Risk Register Risk Report

18. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Work Performance
Information
Provide mechanism to communicate & support project decision making.
Monitor Risks->Outputs-> WPI

19. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Change Requests
Implementing contingency plan or workarounds sometime results in CR.
Recommended Corrective actions:
• Contingency Plans.
• Workarounds.
Recommended preventive actions:
• Ensure future project performance is
aligned with PMP.
Monitor Risks->Outputs->CR

20. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
OPA Updates
Template for Risk Management plan & Risk Register.
Risk Breakdown structure.
Risk Categories.
Lesson Learned.
Monitor Risks->Outputs -> OPA

21. PMBOK 6 - All rights reserved; By: Anand Bobade (nmbobade@gmail.com)
Monitor Risk - Definition
Monitor Risk : ITTO
Risk Audits
Risk Re-assessment
Technical Performance Measurement
Monitor Risks -> Review