Running head: RISK MONITORING AND CONTROL PROCESSRisk Monitoring and Control ProcessStudents NameUniversity AffiliationDate1RISK MONITORING AND CONTROL PROCESSImplementing Risk Monitoring and Control Process-Closing PhaseAre monitoring and review essential to managing project risks? Why?The term risk monitoring and control process defined as the process taken by projectmanagers to identify, keep track and response to risks emerging along the project life cycle.Implementing risk monitoring and control process is vital when managing project risks in theproject life cycle (Larson & Gray, 2014). The completion of the different vital tasks anddeliverables that are essential in the project life cycles such as developing project planning(Larson & Gray, 2014). This implementation is necessary because it helps to monitor identifiedrisks as well as newly identified risks and symptoms thus ensuring proper execution of plannedrisk process and the evaluation of the overall effectiveness in reducing the risk of the riskmanagement plan. This concept should be applied daily by the project management team acrossthe entire project life cycle (Zhao et al., 2015). Therefore, the stakeholders and projectmanagement team should be vigilant in finding risk symptoms, as well as newly identifiedproject risks.2RISK MONITORING AND CONTROL PROCESS3Why not?However, although risk monitoring and control process have benefits that accompany it,there are negative sides as ...
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