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Question:
(a) The purpose of Project Monitoring and Control is to evaluate and provide an understanding of the evolution and progress of a project. This enables measurement of project performance and directs appropriate corrective actions when deviations are noted. Briefly explain the different methods for monitoring the project.
(b) Risk has always been an intrinsic part of project management. With increasing market competition, technology, and globalization, risk management is continuously gaining wider acceptance and importance and as become a must for project success. Critically discuss the main components that are likely to be included in the risk management system.
Risk Matrix Terminology It is a term where table used in risk analysis in which rows show the risks and columns show their likelihood (probability) of occurrence and their imp
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Project risk management team The project risk management team helps to carry out risk management process. The responsibilities of project risk management team are to:
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Project risk profile owners Project risk profile owners must make sure that they deal with each and every risk of the project. The responsibilities of the project risk owners
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