Project Risks Monitoring and Control Plan

Project Risks Monitoring and Control Plan

Introduction

Project risk monitoring and control is an important aspect of the project since it helps in evaluating the effectiveness of the project and the possibility of reducing risks. It also provides tools and techniques that are used to keep track of the risks associated with the project that had been identified. The risk management plan, the risk register, approved change requests, and work performance information are useful inputs (Karen, 2009). The tools and techniques that will be used to monitor and control risks for this project include the risk response audits, periodic risk reviews and technical performance measurement.

The risk response audit identified the measures of responding to the risks identified in the risk discovery phase. The risks were to be mitigated, avoided, transferred, exploited, shared, enhanced or accepted. These approaches were chosen subject to the nature, severity and probability of occurrence of the risk. During the risk monitoring and control, emphasis will be put on ascertaining the extent to which these risks are being responded to (Roberts, 2011). This phase will collect information from the individuals who were assigned responsibilities of responding to the risks. The input will be compared against the predetermined approaches to risk response.

The technical performance measurement will utilize trend analysis and variance. Given the fact that the schedule and the cost of the project had been established, the variance and trend analysis will provide a measure of drawing comparisons. In the event that there are significant deviations from the initial cost and schedule, a new risk identification and response strategy will be formulated.

The periodic risk reviews will yield reserve analysis. The reviews will give a representation of the resource usage, cost and schedule of the project (Karen, 2009). This output is compared against the available reserves in the reserve analysis. This will help the project manager determine whether the available resources are sufficient, surplus, or in short supply. This monitoring tool will help the project manager in adjusting their project and avoid uncertainties that might result from unidentified risks. The status meetings will provide a platform for collection of vital monitoring information.

The results of the monitoring and control will lead to updating of the risk register. The probability of occurrence, severity, rank, and response to the risks will be adjusted to reflect the new variances identified in the monitoring phase. Corrective actions will also be formulated for workaround plans with unplanned responses due to non-identification of the emerging risks. These workaround plans will also be updated into the risk registry.The risk registry elements that will be updated include the risk identification checklist, risk database, and the risk response plan.

The RASI Matrix will be essential because it will ensure better understanding of the project roles and enhance communication. Assigning job responsibility also plays a vital part in ensuring job satisfaction since the employees with be empowered with authority. However, the main function of the matrix is to ensure seamless monitoring of the project. This is enables through the reduced uncertainty associated with multiple reporting and clarified accountability and responsibility throughout the project.

The matrix will explain the role of the stakeholders and team members in the project. ‘R’ identifies the individuals charged with monitoring the project, ‘A’ are the approvers of the project while ‘S’ and ‘I’ offer project support and need to be informed respectively (Roberts, 2011). The responsible individual(s) are the ones who actually to the practical part of the project. This composes of the members of the ICT Department who will install the new structures in the office and the Procurement Department that is tasked with acquiring the needed resources.

The approvers are the teal leaders who are responsible for making key decisions on the project’s process. They are essentially where the buck stops. In this particular project, the approvers will include the project heads assigned from the ICT Department and the Procurement Department. The support will include all the parties within and outside the organization whose role in the project includes consultation. They will play a support role in ensuring that there is a seamless transition from one task to the other. Their role is usually limited to before the project kicks off. Those that only need to be informed include those not directly involved in the project but play an integral role in all matters of the organization. The executive management is in this group that will constantly be informed of the project’s requirements, challenges and progress.

Creating the RASI chart, the qualifications of each individual was considered. The role that each project participant was allocated was commensurate to their level of qualification. This was seen as essential in improving the quality of the monitoring and control phase. The main participants of the new office project include the project manager, the financial project controller, and the project team.

The following table gives the RASI chart for the proposed office project. The activities of the project have been classified into four phases; the initial phases, plan phase, execute phase, control phase, and the termination phase. The functional roles are divided into leadership, team members, sub-teams and external participants. The matrix outlines the roles each function is involved in the project. Others will perform multiple activities in certain project activities

Leadership

Team Members

Sub-Teams

External Participants

 

Functional Role

Project Activity

Executive Management

ICT Department

Procuring Department

Advisory Committee

Project Manager

ICT Leader

Procurement Leader

Project Team Member

Designer

Administrative Support

Business Analyst

Consultant

PMO

Software Co.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Initial Phase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Submission of project request

A/C

R/A

 R/A

C

R/A

A/S

A/S

 

 

 

 

 

 

 

Project Management Office (PMO) Review

 

 

 

 

R

 

 

 

 

 

 

 

R/A

 

Project Management Office Output

I

S

 S

 

R/A

A/S

A/S

 

 

 

S

R

R/A

S

Approval

I

A/S

A/S

I

R/A

S

S

 

 

 

S

S

S

 

Plan Phase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Project requirement definition

S

S

 R

 

R/A

S

S

 

 

 

S

S

 

R

Project Schedule

I

I

S

I

R/A

S

S

S

S

S

S

S

I

I

Alternative Project Plan

I

I

I

I

R/A

 

 

I

I

I

I

S

I

I/S

Execute Phase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deliverables

S/I

S/I

S/I

S/I

 

R/A

R/A

R/A

R/A

 

 

A/S

 

R

Status Report

I

I

I

I

R/A

R/A

R/A

 

 

 

 

S

I

I

Control Phase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change Management

 

S

S

S

R

A

A

A

 

 

 

S

I

 

Termination Phase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Account for experiences

S

S

S

S

R/A

S

S

S

S

S

S

S

S

 

Project Termination Report

I

I

I

I

R/A

I

I

I

I

I

I

 

I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The chart shows that the project manager has a lot of R’s and A’s. In essences, the project manager is responsible for all the activities in the project. This is justified given the fact that they need to be familiar with all the requirements, processes, demands, challenges, and the output of each phase of the project. They are also largely responsible for most of the approval of the business. Given the fact that they are always close to the project, it is only wise that they be bestowed the powers to authorize its functions. This is also important since it helps avoid time lag associated with bureaucratic approval procedures (Roberts, 2011). The team members will also not get mixed up with multiple reporting since they can directly report to the project manager. The active involvement of the project manager is an indication that they are concerned with an array of activities of the project.

The execute phase is the place where the implementation of the project actually occurs. In this stage, the team members are the parties that are mainly involved. This is reflected in the fact that the other project participants are involved with support or being informed rather that monitoring the project and giving approval. The designer is part of the sub-team that is has the powers to monitor and approve in this phase. Their input is usually important as it gives the team members a representation of the architecture of the project. The members of the team need to get approval from the designer/developer before they proceed with completing the project.

Control for each Identified Risk

Risk

Response

Control

Scheduling Risk

 Avoidance

Variance and trend analysis will be carried out to confirm if the outcome is consistent with the plan. In the event that the deviation is huge, the new risks will be updated in the registry.

Resource Risk

Transfer 

Reserve analysis will be carried out periodically to ensure that the remaining risks can be covered with the remaining resources

Executive Support Risk

 Exploit

There will be frequent status meeting to inform the management of the progress to ensure that they remain in support of the project

Scope Risk

Avoid 

Variance and trend analysis will be carried out to confirm if the outcome is consistent with the plan. In the event that the deviation is huge, the new risks will be updated in the registry.

Design Risk

 Share

The support of the developers (designers) will be consulted throughout the project to ensure consistency

Technical Risk

Transfer

Technical performance measurements will be used to ascertain if the project is on course

Integration Risks

Mitigate

The project team and the external participants will regularly give their input on the desirability of the project and the anticipated response by the staff.

Communication Risks

Enhance 

There will be a structured way of ensuring that changes on the updated registry are communicated. The status meetings will be useful in communicating the information.

Risk Management Flowchart

Ongoing consultation throughout all phases

Step V

Monitoring

and

Control

Step I

Context Establishment

Step II

Risk Identification

Step III

Risk Analysis

Step IV

Risk Response

The flow chart illustrates the five important phases that were used to give this project some substance. The first step illustrates the idea development of the project. This step involved accessing the need for the new office and the resources that will be associated with the project. It also involved creating relationships and creating the project scope and schedule. This was followed by risk identification. The second phase used all the components of context establishment to determine all the possible risks associated with the project. These risks were then analyzed based on the severity and probability of occurrence. The positive and negative risks were also identified through the analysis (Karen, 2009, p.7-9). They were then ranked to help with decision making on the response. Mitigation, avoidance, transferring, sharing, enhancement and acceptance were the responses chosen for the project risks. The final step involves creating ways of monitoring and evaluating how the project is meeting the risk objectives and creating relevant adjustments to the risk registry. Throughout all the steps, it is vital to maintain consultation.

References

Karen, Y.L. (2009) Effective Risk Management, Measurement, Monitoring & Control. Project Management Focus Presentation. Retrieved from http://www.pmibaltimore.org/pmi/events/attachments/Effective-Risk_23-Feb-09_presentation_Columbia.pdf

Roberts, P. (2011). Effective Project Management. London, UK: Kogan Page.

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