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![Page 1: Module 8: Risk Management, Monitoring and Project Control We would like to acknowledge the support of the Project Management Institute and the International.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649e115503460f94afdd14/html5/thumbnails/1.jpg)
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.
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• 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
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Objectives
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What is Risk Management?
RISK
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Risk Analysis
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Prioritising Risks
Severe Moderate Low
High
Med
Low
Impact if risk event occurs
Pro
bab
ility
of
ris
k
eve
nt
hap
pe
nin
g
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Risk Response Strategies
• Avoidance• Transference• Mitigation• Acceptance
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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
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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
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Monitoring the Project Constraints
• Compare against the triple constraint baselines– Cost – Time– Scope (Product and Project)
• Identify variances• React as necessary
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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
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Tasks Involved in Monitoring
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The Monitoring Plan
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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?
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Monitoring Responsibility Worksheet
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Cost and Complexity of Data Collection
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Managing ChangeChange occurs for many reasons, including:• Stakeholder input• Team input• Business input
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The Triple Constraint
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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.
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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.
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Mapping your Change Processes
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What is Project Control?
Control Scope
Corrective Action
Inform Stakeholders
Quality Control
Measuring Progress
Monitoring
Tracking