Short Answer 5
Monitoring and controlling project risks is an iterative process that allows the project team to regularly evaluate existing risks and identify new risks based on risk performance outcomes. As the project progresses, the status of existing risks may change. For example, a risk that was originally assessed as having high probability and high impact may not have materialized and is no longer a threat to the project. An entirely new risk may have emerged or secondary or residual risks may now be present. Frank has been asked to recommend strategies for analyzing risk performance outcomes and developing appropriate action steps. Frank is considering three options for assessing the outcome of risk performance: variance analysis, trend analysis, and earned value management.
Evaluate each of the three options Frank is considering will facilitate assessing risk performance outcomes.
(2–3 paragraphs)
Recommend three action steps that can be taken based on the assessment of risk performance outcomes.
(2–3 paragraphs)
