Goal: Control project risks

Applies to
Microsoft Office Project 2003
Microsoft Office Project Server 2003
Microsoft Project 2000 and 2002

After a risk event occurs, you may need to respond to the risk in order to control the impact it may have on the project. The most severe risks are those that threaten to delay task (task: An activity that has a beginning and an end. Project plans are made up of tasks.), phase (phase: A group of related tasks that completes a major step in a project.), or project end dates; increase the budget (budget: The estimated cost of a project that you establish in Project with your baseline plan.); overwhelm resources (resources: The people, equipment, and material that are used to complete tasks in a project.); or all three.

 Tip   This article is part of a series of articles that describe a broad set of project management activities. We call these activities "goals" because they are organized around the project management life cycle: Build a plan, track and manage a project, and close a project. The project life cycle is outlined in The Project Map, where you can find a link to an article about each project management goal. Most of the articles include links to supporting information or procedures that you perform in Project or Project Server. These "goal" articles were designed to help you not only use Project but also better understand project management.

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number 1 Respond to risk events    To maintain control of your project after a risk event occurs, you can respond by managing the area of your project that has been impacted.

Click all of the following that apply:

Number 2 Monitor the status of your risks     Problems that were handled sometimes recur; few things stay fixed forever. As your project progresses, you need to routinely manage the known risks by revisiting them and tracking or changing the probability of those risks.

Number 3 Watch for new risks     Managing risk involves controlling your known risks, as well as watching for new risks. Revisiting old risks and watching for new ones is a cyclical activity that never stops until the project is complete.