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What are tools and techniques used for risk control in project management?

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Question added by Bassem Al-Ahmad , Financial Director , ADR
Date Posted: 2014/03/18

Based on PMBOK, these are a tools and techniques used in Risk Monitorig and Control process:

1- Risk reassessment

2- Risk audits

3- Variance and Trend Analysis

4- Reserve Analysis

5- Status Meetings

Ali Ramadan
by Ali Ramadan , Program Manager(MEA) , Global Knowledge

1- choose risk methodology to follow 

2- identify risks

3- decide which risks will be mitigated (deserve to plan for) ,

4- plan for risk mitigation , plan on how to react and how to minimize the probability of this risk

 

5- Monitor your task and see if there is any symptoms for a risk ,or even new risks 

Mohammed Thiab
by Mohammed Thiab , Founder / Chief Consultant , MV Consulting

During the6-months assignment I took with Alinma Bank iPMO,, we hade a dedicated person for "Risks and Issues Management"  and there was something calle "Risks and Issues Register" where project managers can raise what they see as issues nd risks with potneital impact on their own projects that they are responsible for.

Regarding the tools and techniques used,  we need first to understand the diffrent phases of risk management and how they apply to projects and project management.

  1. Prepare a plan for project risk management
  2. Risk Identification (RI) and categorization
  3. Risk Assessment (RA) using probability X impact  indicators (weights)
  4. Risk Mitigation (RM) what actions are necessary to mitigate the indentified risks
  5. Monitoring and control of risks

Different techniques/tools will be used as seen neccessary incuding checklists, site surveys, questionnaires, what-if brainstorming, root-cause analysis,  delphi technique, SWOT analysis, process flow diagrams,  Risk visualization tools, Risk registers, ... etc .. etc.

 

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