Module 8: Risk Management,

Monitoring and Project Control

We would like to acknowledge the support of the Project Management Institute and the International Institute for Learning, Inc. for permitting the

use of their intellectual property in this curriculum.

• Describe elements of a complete project assessment approach

• Develop a Monitoring Plan

• Identify the importance of integrated Change Management

Module 8 ObjectivesBy the end of this module, you will be able to:• Identify approaches to risk identification and management

Objectives

What is Risk Management?

RISK

Risk Analysis

Prioritising Risks

Severe Moderate Low

High

Med

Low

Impact if risk event occurs

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Risk Response Strategies

• Avoidance• Transference• Mitigation• Acceptance

Monitoring Complete Project Status

Knowledge Area Process

Integration • Monitor Project Work

Scope • Assess Scope Status

Time • Schedule Monitoring

Cost • Cost Monitoring

Quality • Assess Quality

Human Resource Management • Manage Project Team

Communication • Performance Reporting• Manage Stakeholders

Risk • Risk Monitoring

Procurement • Contract Administration Monitoring

Inputs

4 Categories of MonitoringProject

DescriptionIndicators Source of

VerificationAssumptions

Goal text text text

Objective(s) text text text

Results text text text

Activities text text text

2. Outcomes Monitoring - Is the causal relationship between the results and the objectives correct?

2. Outcomes Monitoring - Is the causal relationship between the results and the objectives correct?

1. Operational Monitoring (bean counting)

• Service Delivery • Physical Distribution• Financial tracking• Procurement and

inventory tracking

1. Operational Monitoring (bean counting)

• Service Delivery • Physical Distribution• Financial tracking• Procurement and

inventory tracking

3. Objectives Monitoring - Is the causal logical between the objectives and the goal correct?

3. Objectives Monitoring - Is the causal logical between the objectives and the goal correct?

4. Risk Monitoring – Pay special attention to monitoring your assumptions at the Activity and Results levels during implementation

4. Risk Monitoring – Pay special attention to monitoring your assumptions at the Activity and Results levels during implementation

Monitoring the Project Constraints

• Compare against the triple constraint baselines– Cost – Time– Scope (Product and Project)

• Identify variances• React as necessary

Project Baselines

• The original plan, plus or minus approved changes

• Baselines – Scope: statement of work, work breakdown

structure– Cost: project budget– Schedule (Time): network diagram, Gantt

chart

Tasks Involved in Monitoring

The Monitoring Plan

7 Questions for Monitoring Plans

1. What information is needed to track the indicator?2. Who will collect the information? How often will it be

collected?3. What data collection methods are appropriate?4. How will the information be analyzed? Who will

analyze it? How often will it be analyzed?5. Who will report the results?6. Who will receive the results? What decisions will be

made with this information?7. How best should the information be communicated

to different audiences?

Monitoring Responsibility Worksheet

Cost and Complexity of Data Collection

Managing ChangeChange occurs for many reasons, including:• Stakeholder input• Team input• Business input

The Triple Constraint

Integrated Change Control

The integrated change control process is performed from project inception through completion, because projects seldom run exactly according to the project management plan.  The project management plan, the project scope statement, and other deliverables must be maintained by carefully and continuously managing changes, either by rejecting changes or by approving changes so those approved changes are incorporated into a revised baseline.

Integrated Change Control Processes

The integrated change control process includes the following change management activities:•Identify and manage when changes occur or need to occur•Ensure that only approved changes are implemented.•Review and approve requested changes.•Review and approve all recommended corrective and preventive actions.•Control and updating the scope, cost, budget, schedule, and quality requirements based upon approved changes, by coordinating changes across the entire project.•Document the complete impact of requested changes.

Mapping your Change Processes

What is Project Control?

Control Scope

Corrective Action

Inform Stakeholders

Quality Control

Measuring Progress

Monitoring

Tracking