Goal: Control project risks

After an event occurs that can be identified as a risk, you may have to respond to the risk in order to control the effect 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 within the Project Map 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.

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Person on a tightrope

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 affected.

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Number 2 Monitor the status of your risks     Problems that were handled sometimes recur; few things stay fixed forever. As your project progresses, you must 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.

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Applies to:
Project 2007