Process Group 4 - Monitoring & Controlling

Question 1

Outline activities and deliverables for Monitoring and Controlling

Answer 1

Integration Mgt
1. Monitor and control project work
2. Perform integrated change control
Scope Mgt
3. Validate Scope
4. Control Scope
Time Mgt
5. Control schedule
Cost Management
6. Control Costs
Quality Mgt
7. Control quality
Communications Mgt
8.Control communications
Risk Mgt
9. Control Risks
Procurement Mgt
10. Control procurements
Stakeholder Mgt
11. Control stakeholder engagement

Question 2

Why is a risk management process important?

Answer 2

• cannot remove all risks
• need to id and manage risk over the life of the project
• key objectives are to increase the probability of positive outcomes
• a formal risk management strategy is one way to ensure that the major risks are accounted for, mitigated and controlled for in a formalised way

Question 3

What are the typical stages of a risk management strategy?

Answer 3

1. Risk Id and assessment
2. Risk mitigation
3. risk monitoring
   Strategy is usually depicted in a risk register

Question 4

What are the consequences of an unsuccessful implementation?

Answer 4

• degrade business capability
• degrade competitive advantage
• increase costs / reduce earning
• poor levels of user satisfaction

Question 5

What is a Risk?

Answer 5

• Generically it is the possibility of loss

- for projects is is any event that may jeopardise satisfying the objectives of the project

Question 6

Scope Management - Monitor and Control Outputs

Answer 6

• change requests
• work performance
• Updates