24.4 Monitor and Control Risk

	This is a process which involves tracking indentified risks, monitoring residual risks, identifying new risks, executing risk response plans as well as evaluating their effectiveness throughout the project life cycle.
	Inputs

		Project management plan
		Risk register
		Work performance data: this includes the following

			Status of deliverables
			Schedule progress
			Costs incurred
			Work performance reports: these organize and summarize the information gathered through work performance data and work performance information, showing the stakeholders the current status of the project and its performance against the planned baselines.

24.4 Monitor and Control Risk

Tools and Techniques

		Risk assessment: this should be regularly (the repetition depends on how the project progresses in relevant to its objectives) scheduled to keep the risk register updated and thus it involves the following:
		Identifying new risks
		Closing risks that are no longer applicable
		Keeping tab on existing risks to decide whether any further action is require
		Risk audits: this involves examining and documenting the effectiveness of risk responses in dealing with the identified risks and their root causes
		Variance and trend analysis: this is executed on the base of work performance information and the outcome from these analyses may forecast potential deviation from the baseline plan which may in turn indicate potential threats or opportunities.
		Technical performance measurement:

This is used to compare deliverables against the plans in a quantitative way (number of defects, response times...etc.). Thus indicate the degree of technical risks faced by the project.

24.4 Monitor and Control Risk

		Reserve analysis: this compares the contingency reserves remaining to the amount of risk remaining at any given time in the project in order to determine if the remaining reserve is adequate.
		Status meetings: are used to discuss project risk and analyse any initiating situations so that the staff can contribute to risk identification and management.

Outputs

		Risk register updates
		Requested changes
		Recommended corrective actions
		Recommended preventive actions
		Organizational process assets update
		Project management plan updates

24.4 Monitor and Control Risk