a response to a posted question
PJM410 MOD8 Peer Responses to a Discussion Question
Please respond to both POST1: and POST2: in at least 250 words
POST1: is a question from the professor in regards to my post. I have posted both the original post and my post only as reference.
Project documentation, scheduling, and planning are vital to the success of any project, but the risk management plan is executed through monitoring and controlling. As a project manager, what method will you use to monitor project risks? How can the results of risk management be used to gain further support for risk management in your organization?
Risk monitoring of a project involves the identification, analysis, and planning for new risks and managing risks identified. A project manager plays an essential role during the process of monitoring risks. As a project manager, I would conduct performance measurement to monitor project risks. I would focus on performance reports to develop a comprehensive image of a project’s performance based on resources, cost, risk, quality, scope, and schedule. A comparison of the actual performance of the project against my baseline plans for the project would pinpoint risks that would hamper the successful execution of the project in the future. The performance reports depend on tables, bar charts, histograms, and S-curves to summarize and organize information that includes the work progress of a project and earned value analysis. Consequently, I would focus on the measurement of the technical performance of the project to determine deficiencies in fulfilling the requirements of the project. This process helps in monitoring of technical risks. The measurement of the technical performance of a project requires the identification of appropriate key performance parameters (“Project Management Institute,” 2017). For this reason, such parameters help to identify variance risk points.
Results of the risk management process are useful for making necessary adjustments on a project or avoiding the source of risk altogether. I would use the outcome of the risk management process to revise a risk register and add new action items to the process of risk treatment. Consequently, I would devise mitigation strategies of risks and create effective responses to risks for intuitive management. Lastly, results would also guide the agenda of organizational meetings to decide on the next move for a project.
Project Management Institute. (2017). A guide to the project management body of knowledge: (PMBOKÂ® guide) (6th ed.). Newtown Square, PA, USA: Project Management Institute
POST1: (please reply)
Thanks for the engagement and welcome to week eight. Risk monitoring involves multiple key tasks to work correctly and smoothly on a project. The post above mentions that the project manager plays an essential role in the risk monitoring process. Who else plays a key role in monitoring risks? Where is this found in the project documentation?
As a project manager, what method will you use to monitor project risks?
Monitoring risks is a huge contributor to being able to manage identified risks in a project, and also help control unidentified risks when they occur. The overall purpose of risk monitoring is to make sure that risks are being monitored, and verifying compliance with the risk response decisions (Metheny, 2017). By effectively monitoring risks, project mangers and companies are at a higher chance of achieving project success than those who have poor risk management. There are multiple methods to monitoring the risks throughout a project, which are:
- Conducting risk response planning on a regular basis throughout the project
- Reviewing risks to assess the emergence of risk events during the execution phase of a project
- Conducting risk audits during the project at any stage to make confirm the overall presence of the risk response plan
- A low number of project workarounds in response to unidentified risk events (Voetsch, 2004).
The methods I would use throughout the project would be reviewing risks and risk audits to make sure that the proper use of risk response was being used to manage, control and respond appropriately to all risks, and to make sure that the risk responses emplaced are successful for their intended purpose.
How can the results of risk management be used to gain further support for risk management in your organization?
Effective risk management can be positively correlated to the success in organizations and organizations outperforming those who do not implements risk management practices (Voetsch, 2004). Using the results of risk management from current and past projects can help companies realign risk responses, and their monitoring techniques to better fit each risk as they are identified at the beginning of each project. This will give project managers and companies an advantage to making sure that the lessons learned from each project are implemented into future projects for a higher chance of success.
Metheny, M. (2013). Federal cloud computing: the definitive guide for cloud service providers. Waltham, MA: Elsevier/Syngress. doi: 978-0-12-809710-6 https://www.sciencedirect.com/topics/computer-scie…
Voetsch, R., Cioffi, D., Anbari, F. (2004). Project Risk Management Practices and Their Association with Reported Project Success. Bethesda, Maryland, USA . citeseerx.ist.psu.edu/viewdoc/download/doi=10.1.1.454.3352&rep=rep1&type=pdf
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