Project Management Guru

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According to Project Management Guru (2012), three benefits of formally monitoring and controlling project risk include:
It allows the team members to understand the current state of the project, including validating and controlling the scope of the project.
It allows the team members to understand the budget and schedule of the project, including controlling the cost sand quality of the project.
It allows the team members to consider changes (perform integrated change) that could improve the state of the project. According to Project Management Guru (2012), two reasons why monitoring and controlling project risk should be an iterative process are: i) Timely response: the processes are monitored and controlled more closely so that
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This happens iteratively throughout the product lifecycle. It will occur whenever a new risk response is designed/built/adapted. iii) Deploy/Analyze: once the project team is satisfied with the solution that has been built/designed/adapted, it must be deployed. At this point, the monitoring and controlling cycle starts over. The solution will be analyzed and, if required, the adapt stage will begin again.
According to Project Management Guru (2012), three tools or techniques that can be used to monitor and control project risk include:
Risk reassessment: regularly scheduled risk reassessments will identify new risks, reassess current risks, and close risks that are completed or no longer relevant.
Meetings/Brainstorming: project risk management should be on the agenda of project meetings. This will gather a lot of input from various sources.
Risk audits: risk audits will examine the effectiveness of risk responses in dealing with identified risks and their causes, as well as the effectiveness of the risk management processes in place.
These three three tools or techniques that can be used for monitoring and controlling project risk have been chosen because they will allow Pepsi to monitor and control the risks involved with the Pepsi Refresh
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When you compare planned risk to actual risk, it is easier to identify room for improvement.
Identify trends: variances can be ‘point in time’ or they can be trends. If we are consistently experiencing the same risks (trends), we can identify and solve the root of the issue.
According to Project Management Guru (2012), two reasons why comparing planned risk to actual risk performance should be an iterative process include: i) Timely response: comparing planned risk to actual risk performance should be performed iteratively so that risks are looked at more closely so that potential problems can be identified timely and corrective action can be taken to control the project evolution. ii) Ever changing: the project risk is constantly changing. What was not a risk yesterday may be a big risk tomorrow. The same is the case for risk performance. Since the risk and environments change, constant reevaluation of risk is necessary.
According to Project Management Institute (2013), two important considerations when planning project risk responses include:
Create an action plan with the steps to take if a risk

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