Risk Monitoring and Control Flashcards

What role does a 'risk owner' play specifically during the Monitor Risks process?

Answer: Monitors assigned risks, implements responses, and reports status

During monitoring, each risk owner is responsible for watching their assigned risks, executing planned responses when triggers occur, and reporting current status to the project manager.

Which of the following best explains why risk monitoring must be continuous rather than a single event?

Answer: Project conditions change, new risks emerge, and existing risks evolve throughout the project

Projects are dynamic; new risks can emerge at any phase, existing risks can escalate or diminish, and project conditions change—making continuous monitoring essential for effective risk management.

A risk audit reveals that risk responses are not being consistently implemented. What is the most appropriate corrective action?

Answer: Issue change requests to update the risk management plan and reinforce accountability

When audits reveal implementation gaps, the project manager should issue change requests to address the root cause and strengthen accountability through updated plans and clearer ownership.

In a risk register, what does it mean when a risk's 'risk score' increases during a monitoring review?

Answer: The combination of probability and/or impact has grown, increasing the risk's priority

An increasing risk score (probability × impact) means the risk has become more likely or more severe, requiring elevated attention and potentially revised response strategies.

Which of the following is a key difference between monitoring risks and controlling risks?

Answer: Monitoring tracks risk status; controlling implements responses and adjustments

While often combined as 'Monitor and Control Risks,' monitoring refers to tracking risk status and triggers, while controlling involves implementing responses and adjusting plans based on what is observed.

A project manager notices that contingency reserves are being consumed faster than expected relative to project progress. What risk monitoring action should follow?

Answer: Perform a reserve analysis and reassess outstanding risks

Faster-than-expected reserve consumption signals that risks may be occurring more frequently or severely than planned, warranting an immediate reserve analysis and risk reassessment.

Which document is updated as a key output of the Monitor Risks process to capture lessons about risk management effectiveness?

Answer: Lessons learned register

The lessons learned register captures insights about what risk monitoring and control approaches worked or failed, providing valuable guidance for future phases and projects.