16 | Monitoring and Controlling Project Risks

Question 1

Project Status Meetings?

Answer 1

Project status meetings are regularly scheduled meetings that are conducted to discuss the current
status of the project with the project team members and other stakeholders. Risk identification and
management is one of the agenda items in the project status meeting. The time taken to address the
identified risks depends on what risks have been identified, their priority, and complexity of
response.

Question 2

Risk Reassessment?

Answer 2

Risk reassessment is the process of reexamining and reevaluating the risks in a project risk register. It involves identifying new risks, reassessing current risks for their probability and impact, and closing the outdated risks. Risks can be reassessed during project status meetings. The extent of risk assessment at the status meetings depends on how the project is flowing compared to its objectives.

For example, if an unanticipated risk develops, it may be necessary to have additional response planning.

Question 3

The Project Risk Response Audit?

Answer 3

The project risk response audit is the process of examining the team’s ability to identify risks, the
effectiveness of risk response plans, and the performance of risk owners. The audit may be conducted by a third party, the project’s risk officer, or other qualified personnel. The auditor reviews the risk register and data concerning project work results to determine whether the risk management activities are producing the desired results. In addition, the auditor evaluates the performance of the risk owner in implementing the response plan. The auditor documents the results of the audit and makes recommendations for improvement in the project’s risk management efforts.

Question 4

Trend Analysis?

Answer 4

Trend analysis is the process of examining project results over time to determine if performance is improving or deteriorating. A risk or a risk category is tracked over a period of time to determine whether its exposure to the project is increasing or decreasing. Trend analysis helps determine the categories of risks that are increasing or decreasing in their exposure to the project. It involves
reviewing the various trends in project performance on a regular basis and can be used to predict future performance. Project trends should be reviewed using data collected on performance. Results from trend analysis may forecast a difference of cost and schedule from their initial targets. Earned value analysis and various other techniques can be used to monitor project performance.