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Essay Available:
Pages:
1 page/≈275 words
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2 Sources
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APA
Subject:
Management
Type:
Essay
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English (U.S.)
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MS Word
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Topic:

Monitoring, Controlling, and Reporting Risks

Essay Instructions:

Monitoring and controlling risks require the Project manager and his/her team to show applied knowledge in risk management. The primary objectives of risk monitoring are to observe the implementation of agreed-upon risk response plans, track identified risks, identify and analyze new risks, and evaluate the risk process effectiveness throughout the project. Controlling risks ensures that risk response plans are executed at the appropriate time, and evaluate their effectiveness throughout the project life cycle. Based on your experience and/or your knowledge gained from this class, discuss the following questions:
What is the best way to report high impact risk event occurrences to project stakeholders?
How can earned value management (EVM) be used as an effective risk monitoring tool?

Essay Sample Content Preview:


Monitoring, Controlling, and Reporting Risks
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What is the best way to report high-impact risk event occurrences to project stakeholders?
The best approach to report high-impact risk event occurrences to project stakeholders is to employ a two-tier network framework that incorporates stakeholder relationship network (SRN) and risk interaction network (RIN). The essence of designing the SRN-RIN two-tier model for any project is to establish key relationship sets, including the risk interaction relationship, the relationship between risks and stakeholders, and the stakeholders’ relationship. Project managers can effectively mitigate and control high-impact risks by establishing critical network nodes. The attribute-driven framework can also be employed to forecast inherent project risks based on outcome characteristics, thus complementing the event-driven risk management methodology. This methodology augments the overall risk assessment procedure by taking into account the variability of the parameters and risk events themselves, thus offering critica

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