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Risk monitoring and control are ongoing activities that must be carried out throughout the completion of a given project. Risks must be constantly measured and monitored against defined standards in order to ensure continued compliance and the maintenance of the project within the desired and defined timeline. In order to be able to accomplish such a task, it is necessary to utilize certain tools and techniques for performing these practices of risk monitoring and control. "Risk reassessment, risk audits, variance and trend analysis, technical performance measurements, reserve analysis, and status meetings or periodic risk reviews such as the Top Ten Risk Item Tracking method are all tools and techniques for performing risk monitoring and control" (Schwalbe, 450).
Risk management software is one type of tool that may be used effectively for risk management and control. There are a host of different programs that may be used to complete this task, including the use of a simple Excel file. Regardless of the program used, they all have the same basic steps in their use. The information regarding current risks is entered into the program. The information is then analyzed based on varying factors specific to the program itself and then projected based on the level of risk, allowing project managers to review the information and address risks as necessary. Risk reassessment is the process of continually going back and reviewing each of the different risks in order to determine whether the risk has increased in likelihood of occurrence or decreased. This allows the project manager to better review and control the different risks associated with the project in order to ensure that the appropriate threats are addressed in terms of severity.
Schwalbe, Kathy. Information Technology Project Management. Cambridge, Ma.: Course Technology, 2000. Print.