Monitoring, Control, and Review
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Monitoring, Control, and Review book
The risk process described so far in Chapters 3-7 (and summarized in Fig. 2 of Chapter 2) has set objectives for risk management on a particular project (Definition), then identified uncertainties that, if they occurred, would have a positive or negative effect on one or more objectives (Risk Identification). Those risks have been described, grouped, and prioritized through qualitative Risk Assessment, and their combined effect on the project may also have been addressed using quantitative Risk Analysis, prior to developing appropriate strategies and actions for dealing with the uncertainty (Risk Response Planning). The aim throughout is to implement a single risk management process that allows the organization to address appropriately the threats and opportunities to which the project is exposed, minimizing possible downside impact and maximizing the upside, while maintaining focus on achievement of project objectives.