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3 Budget 0.8 0.1 0.08 Y Whatley H Drive

overrun

4 Technical 0.5 0.5 0.25 N White IT Dept
issues

The risk owner is responsible for monitoring the risks assigned to them and watching

for risk triggers. Risk triggers are a sign or a precursor signaling that a risk event is
about to occur. If the risk requires a response plan, the owner should be prepared to
put the response plan into action once a trigger has surfaced.

Risk Monitoring

You will need to monitor risks throughout the Executing and Monitoring and
Controlling phases of the project.

Risk events have a higher probability of occurring and more impact early
on in the project, while probability and impact decrease as you get closer to closing
out the project.

Use the risk register to communicate the project risks and action plans to the
stakeholders. Include a risk update in your project status meetings, and periodically set
up a risk review meeting to go through each risk on the risk register and determine
whether they have occurred or are likely to occur. Risk typically diminishes over time,
so risk rankings should change as well to reflect the current state of the project. New

risks can come to light as you proceed with the work of the project, so be certain to
make risk review a standard part of your project management process.

If you’re working on a large project or one with an extended time frame, it’s good
practice to reevaluate risks periodically. This involves starting again at the risk
identification process, working through the probability and impact exercise and
writing response plans for newly identified risks, and updating responses for existing
risks.

Main Street Office Move

Kate is anxiously awaiting the estimated cost for the project. Now that the
schedule is complete and you have resources assigned, you begin the process of
estimating the costs of the tasks, including contract resources, supplies, and

materials. The work packages are a great place to start. Your estimates are here:

Description Work Rate/Each Estimated Comments

Effort/Quantity Cost

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