TOOLS AND TECHNIQUES:

In addition to risk audits, Simplilearn Training identifies four other monitoring tools and techniques as below are two (SimplilearnTraining, 2012):

• Risk assessment
• Variance and trend analysis
• Reserve analysis
• Status meetings

Risk assessment is a step in a risk management procedure that “identify, categorize, prioritize, and mintage or avoid risks ahead of time (Chandana, 2017).”

Variance and trend analysis is a comparing planned to actual results to identify trends that can be analyzed for possible deviation from cost and schedule targets (Clarizen Team , 2013).

Reserve analysis, costs are planned during the planning phase of the project. Depending on the company and how they budget for reserves is organized, the PM may use the allotted amount, or they may have to request an increase if they do not have enough (Hall, 2019).

Status meetings, risk managers need to engage the team, stakeholders, and others involved in the project to clearly state and identify purpose (Hall, 2019).

Workarounds are problems that were not identified/planned for and are worked not part of the contingency plan (Fichtner, 2019). An example is planning for a construction project, but in the middle of the project an unidentified gas line is found putting the plan on hold. This was not identified in the contingency plan but working around the issue by calling in the gas company to move or inspect the line for potential hazards and moving forward with least amount of delay.

A contingency plan is part of the potential risks identified that pose a significant thread to the project (Fichtner, 2019). An example of contingency plan is similar scenario, construction site and project are underway when the weather turns for the worst and additional time, resources, and cost are needed to frost now. It was planned for and the additional time and costs do not impact the major timeline or end cots.

Tracking the project “temperature” or performance is important for the PM. Identifies value and performance of the project and those involved. Used in metrics for performance improvements and to acknowledge the positives and negatives of the project. Monitoring these areas throughout the project life cycle, can remedy areas that need improvement or congratulate where needed.

References

Chandana. (2017, March 15). Risk Assessment in Project Management. Retrieved from Simplilearn : https://www.simplilearn.com/risk-assessment-projec…

Clarizen Team . (2013, June 13). Risk Management – Useful Tools and Techniques. Retrieved from Clarizen Success : https://success.clarizen.com/hc/en-us/community/po…

Fichtner, C. (2019). Retrieved from PM PrepCast : https://www.project-management-prepcast.com/131-pm…

Hall, H. (2019). 6 Tools and Techniques for Controlling Risks. Retrieved from The Project Risk Coach : https://projectriskcoach.com/6-tools-and-technique…

SimplilearnTraining. (2012, March 1). Monitor and Control Risk | Project Risk Management | PMP Certification Training Online. Retrieved from YouTube: