PMP Project Management Professional Study Guide, Third Edition (Certification Press)

Risk monitoring and control helps the project become more successful. Risk monitoring and control measures the planned responses to risks-and creates reactions to unplanned risks. The outputs of risk monitoring and control also aim to help the project reach its objectives. There are six outputs of the process:

• Workaround plans Workarounds are documented in the project plan and the risk response plan. Workarounds are unplanned reactions to risks that were not identified or that were accepted.

• Corrective actions As risks come to fruition, corrective actions are needed to bypass the risk. The two types of corrective action are workarounds and contingency plans. Corrective actions are actions taken to bring the project back into compliance with the project plan.

• Change requests As workarounds and contingency plans are used, they require changes to the project plan. The changes to the project plan due to the risks are completed through integrated change control. The changes are documented, approved, and incorporated into the project plan.

• Risk response plan updates As risks occur, the responses to those risks should be documented and updated in the risk response plan. Should risk rankings change during the project, the change in ranking, the logic behind the change, and the results of the risk rank change should be documented in the risk response plan. For the risks that do not occur, the risks should be documented and considered closed in the risk response plan.

• Risk database A database of recognized risks, the planned response, and the outcome of the risk should be documented and recorded in an organization-wide risk database. This risk database can serve other project managers as historical information. Over time, the risk database can become a risk lessons learned program.

• Checklist updates Checklists of identified risks will help future projects recognize and manage identified risks.