About Me
Project Management Professional (PMP) for engineering project management roles
1 Introduction to Project Management
1-1 Definition of Project Management
1-2 Project Management Framework
1-3 Project Management Knowledge Areas
1-4 Project Management Processes
1-5 Project Life Cycle
2 Project Integration Management
2-1 Develop Project Charter
2-2 Develop Project Management Plan
2-3 Direct and Manage Project Work
2-4 Monitor and Control Project Work
2-5 Perform Integrated Change Control
2-6 Close Project or Phase
3 Project Scope Management
3-1 Plan Scope Management
3-2 Collect Requirements
3-3 Define Scope
3-4 Create WBS
3-5 Validate Scope
3-6 Control Scope
4 Project Time Management
4-1 Plan Schedule Management
4-2 Define Activities
4-3 Sequence Activities
4-4 Estimate Activity Durations
4-5 Develop Schedule
4-6 Control Schedule
5 Project Cost Management
5-1 Plan Cost Management
5-2 Estimate Costs
5-3 Determine Budget
5-4 Control Costs
6 Project Quality Management
6-1 Plan Quality Management
6-2 Perform Quality Assurance
6-3 Control Quality
7 Project Human Resource Management
7-1 Develop Human Resource Plan
7-2 Acquire Project Team
7-3 Develop Project Team
7-4 Manage Project Team
8 Project Communications Management
8-1 Plan Communications Management
8-2 Manage Communications
8-3 Control Communications
9 Project Risk Management
9-1 Plan Risk Management
9-2 Identify Risks
9-3 Perform Qualitative Risk Analysis
9-4 Perform Quantitative Risk Analysis
9-5 Plan Risk Responses
9-6 Control Risks
10 Project Procurement Management
10-1 Plan Procurement Management
10-2 Conduct Procurements
10-3 Control Procurements
10-4 Close Procurements
11 Project Stakeholder Management
11-1 Identify Stakeholders
11-2 Plan Stakeholder Management
11-3 Manage Stakeholder Engagement
11-4 Control Stakeholder Engagement
12 Engineering Project Management Specialization
12-1 Engineering Project Life Cycle
12-2 Engineering Project Planning and Scheduling
12-3 Engineering Project Cost Estimation
12-4 Engineering Project Risk Management
12-5 Engineering Project Quality Management
12-6 Engineering Project Procurement Management
12-7 Engineering Project Stakeholder Management
12-8 Engineering Project Communication Management
12-9 Engineering Project Integration Management
12-10 Engineering Project Human Resource Management
13 Tools and Techniques for Engineering Project Management
13-1 Project Management Software
13-2 Scheduling Tools
13-3 Cost Estimation Tools
13-4 Risk Management Tools
13-5 Quality Management Tools
13-6 Communication Tools
13-7 Stakeholder Management Tools
13-8 Procurement Management Tools
14 Case Studies and Practical Applications
14-1 Case Study Analysis
14-2 Practical Application of Project Management in Engineering Projects
14-3 Lessons Learned from Engineering Projects
15 Certification Preparation
15-1 Overview of PMP Certification Exam
15-2 Exam Format and Structure
15-3 Study Tips and Strategies
15-4 Practice Questions and Mock Exams
15-5 Certification Application Process
9.6 Control Risks

9.6 Control Risks - 9.6 Control Risks

Control Risks is a critical process in Project Risk Management that involves monitoring the identified risks, identifying new risks, ensuring the execution of risk response plans, and evaluating their effectiveness throughout the project lifecycle.

Key Concepts

1. Risk Monitoring

Risk Monitoring involves tracking the status of identified risks, monitoring residual risks, and identifying new risks that may emerge as the project progresses. This process ensures that risks are continually managed and that the project remains on track.

Example: In an engineering project, risk monitoring might involve regular status meetings to review the progress of risk response actions, such as implementing safety protocols or adjusting the project schedule to accommodate potential delays.

2. Risk Audits

Risk Audits are systematic examinations of the project's risk management processes to ensure they are effective and compliant with the risk management plan. Audits help in identifying best practices, areas for improvement, and ensuring that the risk management processes are aligned with project objectives.

Example: For a construction project, a risk audit might involve reviewing the risk identification and response strategies, assessing the effectiveness of risk mitigation measures, and evaluating the quality of risk reporting.

3. Variance and Trend Analysis

Variance and Trend Analysis involves comparing the actual project performance against the planned performance to identify variances and trends that may indicate new risks or changes in existing risks. This analysis helps in making informed decisions and taking corrective actions.

Example: In a software development project, variance and trend analysis might involve comparing the actual development progress against the project schedule. If a trend of delays is observed, it may indicate a need to re-evaluate the risk of project overruns and adjust the risk response plan accordingly.

4. Technical Performance Measurement

Technical Performance Measurement involves measuring the project's technical achievements against its technical requirements. This includes assessing whether the project is meeting its performance objectives and identifying any deviations that may indicate new risks.

Example: For an engineering project, technical performance measurement might involve testing the functionality of a new product against its design specifications. If the product fails to meet certain performance criteria, it may indicate a technical risk that needs to be addressed.

5. Reserve Analysis

Reserve Analysis involves monitoring the status of contingency reserves (time, cost, and resources) to ensure they are sufficient to handle identified risks. This analysis helps in determining whether additional reserves are needed or if existing reserves can be released.

Example: In a construction project, reserve analysis might involve tracking the use of contingency funds and time reserves. If the project is progressing smoothly and risks are being managed effectively, the project manager may decide to release some of the contingency reserves.

6. Risk Reassessment

Risk Reassessment involves periodically reviewing and updating the risk register to reflect changes in the project environment, new information, and the effectiveness of risk responses. This ensures that the risk management process remains current and relevant.

Example: For a project to build a new manufacturing facility, risk reassessment might involve reviewing the risk register after a major milestone, such as the completion of the foundation, to identify any new risks that have emerged and update the risk response plans.

Examples and Analogies

Think of controlling risks as maintaining a weather radar system. Just as a weather radar continuously monitors the skies for storms and adjusts the forecast accordingly, controlling risks involves continuously monitoring the project environment for new threats and adjusting the risk management plan to ensure the project remains on course.

For instance, in an engineering project to design and build a new product, controlling risks would involve regularly reviewing the project's progress, conducting risk audits, analyzing variances and trends, measuring technical performance, and reassessing risks as the project evolves. By effectively controlling risks, the project team can ensure that the project stays on track and achieves its objectives.

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