Monitor the status of each risk periodically and implement the risk mitigation plan as appropriate.

To effectively control and manage risks during the work effort, follow a proactive program to regularly monitor risks and the status and results of risk-handling actions. The risk management strategy defines the intervals at which the risk status should be revisited. This activity may result in the discovery of new risks or new risk-handling options that can require replanning and reassessment. In either event, the acceptability thresholds associated with the risk should be compared against the status to determine the need for implementing a risk mitigation plan.

Typical Work Products

1.    Updated lists of risk status

2.    Updated assessments of risk likelihood, consequence, and thresholds

3.    Updated lists of risk-handling options

4.    Updated list of actions taken to handle risks

5.    Risk mitigation plans

Subpractices

1.    Monitor risk status.

After a risk mitigation plan is initiated, the risk is still monitored. Thresholds are assessed to check for the potential execution of a contingency plan.

A periodic mechanism for monitoring should be employed.

2.    Provide a method for tracking open risk-handling action items to closure.

Refer to the Project Monitoring and Control process area for more information about tracking action items.

3.    Invoke selected risk-handling options when monitored risks exceed the defined thresholds.

Quite often, risk handling is only performed for those risks judged to be “high” and “medium.” The risk-handling strategy for a given risk may include techniques and methods to avoid, reduce, and control the likelihood of the risk or the extent of damage incurred should the risk (anticipated event or situation) occur or both. In this context, risk handling includes both risk mitigation plans and contingency plans.

Risk-handling techniques are developed to avoid, reduce, and control adverse impact to project objectives and to bring about acceptable outcomes in light of probable impacts. Actions generated to handle a risk require proper resource loading and scheduling within plans and baseline schedules. This replanning effort needs to closely consider the effects on adjacent or dependent work initiatives or activities.

Refer to the Project Monitoring and Control process area for more information about revising the project plan.

4.    Establish a schedule or period of performance for each risk-handling activity that includes the start date and anticipated completion date.

5.    Provide continued commitment of resources for each plan to allow successful execution of the risk-handling activities.

6.    Collect performance measures on the risk-handling activities.