Monitor Risks
Monitor Risks is the process of monitoring the implementation of agreed-upon risk response plans, tracking identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness throughout the project.
Explanation
Monitor Risks is a continuous process performed throughout the project. It involves tracking the status of identified risks, checking whether risk triggers have occurred, evaluating the effectiveness of implemented responses, identifying new risks that emerge, and ensuring the risk management plan is being followed.
Key activities include risk reassessments (periodic reviews of the entire risk register), risk audits (evaluating the effectiveness of the risk management process itself), variance and trend analysis (comparing actual results to expected baselines), and monitoring reserve status (checking whether contingency reserves are adequate).
The process produces work performance information about risk status, change requests when new responses are needed or baselines must be adjusted, and updates to project documents including the risk register, risk report, assumption log, issue log, and lessons learned register. Effective risk monitoring ensures that the project stays proactive rather than reactive.
Key Points
- •Continuous process throughout the project lifecycle
- •Includes risk reassessments, audits, and reserve analysis
- •Tracks triggers, evaluates response effectiveness, identifies new risks
- •Outputs include change requests and updated project documents
Exam Tip
Risk audits evaluate the effectiveness of the risk management process, not individual risks. Risk reassessments re-examine individual risks. Know the difference.
Frequently Asked Questions
Related Topics
Implement Risk Responses
Implement Risk Responses is the process of executing the agreed-upon risk response plans. It ensures that risk responses are carried out as planned, with the goal of minimizing threats and maximizing opportunities.
Risk Register
The risk register is a project document that records the details of individual project risks, including their identification, analysis results, response plans, and current status.
Risk Triggers
Risk triggers (also called risk symptoms or warning signs) are events or conditions that indicate a risk is about to occur or has already occurred. They signal the need to activate a risk response.
Workarounds
Workarounds are unplanned responses to risks that were not previously identified or to risks for which no planned response was adequate. They are developed in the moment when a risk event occurs without a contingency plan.
Secondary Risks and Residual Risks
Secondary risks are new risks that arise as a direct result of implementing a risk response. Residual risks are risks that remain after planned responses have been implemented, including minor risks that were deliberately accepted.
Most-studied PMP concepts
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Risk Register
The risk register is a project document that records the details of individual project risks, including their identification, analysis results, response plans, and current status.
Transfer (Risk Strategy)
Transfer is a threat response strategy that shifts the negative impact and ownership of a threat to a third party. The risk is not eliminated but the responsibility for managing it moves to another entity.
Burndown Chart
A Burndown Chart is a graphical representation of work remaining versus time in a Sprint or release, showing whether the team is on track to complete the planned work.
Resource Leveling
Resource leveling is a resource optimization technique in which adjustments are made to the project schedule to keep resource usage at or below a defined limit, often resulting in a longer project duration.
Stakeholder Mapping
Stakeholder mapping is the visual representation of stakeholder relationships, influence, interest, or other attributes using grids, matrices, or diagrams to support analysis and engagement planning.
Relative Estimation
Relative Estimation is an agile technique where work items are sized in comparison to each other rather than in absolute units like hours or days, providing faster and more accurate estimates.
Cost Performance Index (CPI)
Cost Performance Index (CPI) is an EVM efficiency metric that measures cost performance as the ratio of earned value to actual cost: CPI = EV / AC.
Schedule Performance Index (SPI)
Schedule Performance Index (SPI) is an EVM efficiency metric that measures schedule performance as the ratio of earned value to planned value: SPI = EV / PV.
Earned Value Management (EVM)
Earned Value Management (EVM) is a methodology that integrates scope, schedule, and cost data to assess project performance and progress objectively.
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Risk Management
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