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Topics: Risk Management
Experienced PM: Risk Management Questions
Network:8
Hello. As part of my graduate studies, I need to connect with an experienced PM to solicit their answers to the following questions as it pertains to risk management:
1. describe how the risk management process changes throughout the project’s lifecycle.
2. What’s different in the initiating and planning phases of the project as compared to how risk is managed in the executing phase of the project?
3. What are some best practices, when it comes to monitoring and controlling risks.
4. how risks are communicated/discussed with key stakeholders.
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Network:1058



Hi Tatiana -

I'd be happy to help out as risk management is my favorite knowledge area.

Kiron
...
1 reply by Tatiana Patton
Nov 02, 2017 9:42 PM
Tatiana Patton
...
Thank you Kiron! Would I be able to connect with you and ask you specifically?
Network:91791



Risk management focuses mostly on handling risks that will happen during project execution. Initiation and project planning focus mostly on risk identification, mitigation and budgeting. When you move into project execution the focus becomes more about monitoring risk triggers, updating risks, and implementing risk action plans.

Monitoring and controlling risks should be something that is part of your project schedule. Make sure that the monitoring/controlling is a recurring event. Some people like to add it to the project status meetings. If you have a triggered risk, go ahead an implement the pre-planned action plan. Only treat triggered risks as issues if you had not previously identified it.

I have the top three risks listed on the project status report.
...
1 reply by Tatiana Patton
Nov 02, 2017 9:55 PM
Tatiana Patton
...
Thank you Stephane for your input! When you say, "Monitoring and controlling risks should be something that is part of your project schedule" What are you referring to? Are you saying that each risk should be a task within the project? Also, do you only list the risk on the project status report? Or do you discuss them with the stakeholders? How exactly are they monitored throughout the project? Do you evaluate if their impact/likelihood has or will occur? Please explain.
Thanks!
Network:8
Oct 29, 2017 6:54 PM
Replying to Kiron Bondale
...
Hi Tatiana -

I'd be happy to help out as risk management is my favorite knowledge area.

Kiron
Thank you Kiron! Would I be able to connect with you and ask you specifically?
...
1 reply by Kiron Bondale
Nov 08, 2017 6:41 AM
Kiron Bondale
...
Tatiana -

You should have received my responses to your interview questions - let me know if you didn't.

Kiron
Network:8
Oct 30, 2017 8:56 AM
Replying to Stéphane Parent
...
Risk management focuses mostly on handling risks that will happen during project execution. Initiation and project planning focus mostly on risk identification, mitigation and budgeting. When you move into project execution the focus becomes more about monitoring risk triggers, updating risks, and implementing risk action plans.

Monitoring and controlling risks should be something that is part of your project schedule. Make sure that the monitoring/controlling is a recurring event. Some people like to add it to the project status meetings. If you have a triggered risk, go ahead an implement the pre-planned action plan. Only treat triggered risks as issues if you had not previously identified it.

I have the top three risks listed on the project status report.
Thank you Stephane for your input! When you say, "Monitoring and controlling risks should be something that is part of your project schedule" What are you referring to? Are you saying that each risk should be a task within the project? Also, do you only list the risk on the project status report? Or do you discuss them with the stakeholders? How exactly are they monitored throughout the project? Do you evaluate if their impact/likelihood has or will occur? Please explain.
Thanks!
...
1 reply by Stéphane Parent
Nov 07, 2017 6:49 PM
Stéphane Parent
...
What I mean, Tatiana, is that your schedule should have an activity that includes the effort to monitor and control risks. This could be a hammock activity that combines the monitoring and control of various project areas.

You risks should not be in the schedule. Only the risk response actions.

Putting risks on the status report is not monitoring and controlling. You will have to talk to stakeholders on a regular basis to stay up to date on your risks.

You review if the impact or likelihood have changed. If either has changed you may want to consider changing how you handle the risk. For example, if the risk becomes a low impact, low likelihood, you could simply make an assumption that the risk will not happen and move the risk to your low-risk register. You monitor your low-risk register less often than other risks.
Network:105673



Stephane you sum it up!

Risk should be revisited at all reporting period, so communicated.
Network:91791



Nov 02, 2017 9:55 PM
Replying to Tatiana Patton
...
Thank you Stephane for your input! When you say, "Monitoring and controlling risks should be something that is part of your project schedule" What are you referring to? Are you saying that each risk should be a task within the project? Also, do you only list the risk on the project status report? Or do you discuss them with the stakeholders? How exactly are they monitored throughout the project? Do you evaluate if their impact/likelihood has or will occur? Please explain.
Thanks!
What I mean, Tatiana, is that your schedule should have an activity that includes the effort to monitor and control risks. This could be a hammock activity that combines the monitoring and control of various project areas.

You risks should not be in the schedule. Only the risk response actions.

Putting risks on the status report is not monitoring and controlling. You will have to talk to stakeholders on a regular basis to stay up to date on your risks.

You review if the impact or likelihood have changed. If either has changed you may want to consider changing how you handle the risk. For example, if the risk becomes a low impact, low likelihood, you could simply make an assumption that the risk will not happen and move the risk to your low-risk register. You monitor your low-risk register less often than other risks.
Network:1058



Nov 02, 2017 9:42 PM
Replying to Tatiana Patton
...
Thank you Kiron! Would I be able to connect with you and ask you specifically?
Tatiana -

You should have received my responses to your interview questions - let me know if you didn't.

Kiron
Network:195



1. describe how the risk management process changes throughout the project’s lifecycle.

At the beginnig I try to identify most of the project risks. It means that the a great quantity of effort occurs on initiation an planning phases.

One thing you have to know is that risk identification occurs until the project is closed but with minus effort than the begining

2. What’s different in the initiating and planning phases of the project as compared to how risk is managed in the executing phase of the project?

Quantity of effort to identify project risks reduces
Project risk exposure reduces

3. What are some best practices, when it comes to monitoring and controlling risks.

Risk control meetings on a weekly basis to monitor planned risk responses
Asign a risk owner and action owner

4. how risks are communicated/discussed with key stakeholders

Through a written project report and face to face conversations

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