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Project X

Monitoring could come in the form of auditing, internal controls, policies and procedures, budget restrictions, and the like all of which can be enforced at some costs given the assumption of symmetric information (Frame, 2003). The main techniques of risk monitoring include assessment, cross-functional teams, inspection, interviews, reports, observations and reviewing.
The most usual ones of these are inspection and control charts, and it is possible to use flowcharting and trend analysis to see whether production facilities and budget to the norm or getting worse. However, these tools are used rather late in the day and are more to do with correcting errors and confirming that what is being delivered is what is required. More emphasis needs to be placed on making sure the correct quality or performance is specified at the outset and clearer recognition of the need for a well-motivated team that clearly understands the project. Some researchers underline that performance monitoring is a part of risk management and control. "Performance monitoring involves measuring operational activities, analyzing the resulting metrics, and comparing them to internally established standards and industry benchmarks to assess the effectiveness and efficiency of existing operations" (Risk Monitoring and Reporting, n.d.). For project X, the most effective monitoring and control methods will be assessment, cross-functional teams and inspection. ...Show more

Summary

Risk control and monitoring is an important area of project management because it helps to locate and plan resources taking into account probability analysis and possible risks. Ineffective risk analysis leads to failure of the project and threatens its outcomes…
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Project X essay example
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