You are working as a project manager in your organization.
You are nearing the final stages of project execution and looking towards the final risk monitoring and controlling activities.
For your project archives, which one of the following is an output of risk monitoring and control?
Click on the arrows to vote for the correct answer
A. B. C. D.C.
As a project manager, risk monitoring and controlling is an essential task to ensure that the project is delivered within the scope, time, and cost constraints while maintaining the desired level of quality. Risk monitoring and controlling helps in identifying and responding to the potential risks that may arise during the project execution.
The output of risk monitoring and control is an important component of project archives, which can be used as a reference for future projects. The output provides information about the risks identified, their likelihood and impact, and the actions taken to mitigate them.
Now, let's discuss the given options to determine which one of them is the output of risk monitoring and control.
A. Quantitative risk analysis: Quantitative risk analysis is a process that involves the numerical assessment of the likelihood and impact of identified risks. It helps in prioritizing the risks based on their severity and provides a basis for selecting appropriate risk responses. Although quantitative risk analysis is a crucial activity in risk management, it is not an output of risk monitoring and control.
B. Qualitative risk analysis: Qualitative risk analysis is a process of prioritizing risks based on their likelihood and impact using a subjective approach. It involves analyzing the risks based on their probability of occurrence and impact on project objectives. Although qualitative risk analysis is an important activity in risk management, it is not an output of risk monitoring and control.
C. Requested changes: Requested changes are changes requested to the project scope, schedule, or cost as a result of a risk event. During the risk monitoring and controlling process, the project team may identify new risks or changes in the severity of existing risks, which may require adjustments to the project plan. While requested changes may result from the risk monitoring and controlling process, they are not the output of this process.
D. Risk audits: Risk audits are formal reviews of the effectiveness of risk responses and the overall risk management process. They are conducted to determine whether the risk management plan is working as intended and to identify any areas for improvement. Risk audits are an essential part of risk monitoring and controlling, and they provide valuable information that can be used to improve future projects. Therefore, the correct answer is D, Risk audits.
In conclusion, the output of risk monitoring and control is risk audits, which provide valuable insights into the effectiveness of the risk management plan and can be used to improve future projects.