Risk Monitoring and Tracking

Paper Summary:

This paper explains that the primary objective of risk management, a proactive measure also used in software risk management, is to provide insights to support informed decision-making by identifying, monitoring, evaluating and estimating various risks which might effect a project and then planning, tracking and controlling the process to eliminate or diminish the likelihood of these risks. The author points out that risk monitoring, an ongoing activity throughout the whole project, is the process of observing, supervising or controlling the activities of other tasks to assess the likelihood of a hazard and the impact that hazard might cause or has caused. The paper relates that risk tracking is a process which identifies both the status of the mitigation actions against the action plan and effectiveness of the mitigation itself, to evaluate a mark or succession of marks left by something that has been completed thereby focusing management's attention of high-risk, high leverage and critical success factors rather than swapping management reviews with lots of low-priority details. Chart and table included.

Table of Contents
Introduction
Risk Management
The Concept of Positive Risk
Risk Monitoring
Risk Tracking
Issues with Risk Monitoring and Tracking
Risk Monitoring and Tracking Tools
Comparative Analysis
Tips and Comments
Contingency vs. Backup Plans
Communication
Take a Look Back
Conclusion

From the Paper:

"As a project manager, it is important to make sure that risk monitoring/identification leads to real action. Use risk monitoring/identification techniques to ensure that the teams are constantly identifying and mitigating risks. Risk management is a very sensitive issue, since it can have a negative impact on a project/work of many team members. It is human nature to try to avoid discussing problems making it difficult to motive the teams to be conscious of the risks. The same is true for monitoring of risks in the risk identification stage. Risks are never considered as positive, and no one really wants to do be the bearer of bad news...therefore as a project manager it is important to shift the team-culture so that risk identification can be looked upon as positive."

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