Why Is Monitoring Risks Important for Project Management?
Understand the purpose of monitoring risks in project management. Learn how it tracks existing risks, identifies new ones, and ensures effective risk response plans.
Question
Monitoring risks in a project helps the team:
A. Create new project objectives
B. Track existing risks and identify any new ones
C. Remove risks from the project plan
Answer
B. Track existing risks and identify any new ones
Explanation
The process of monitoring risks involves systematically tracking identified risks, monitoring residual risks, identifying new risks, ensuring the execution of risk response plans, and evaluating their effectiveness throughout the project lifecycle. It is not about changing project objectives (Option A) or removing risks from the plan (Option C) unless they have expired or been resolved. This continuous monitoring ensures that the project team remains proactive and can adapt to changes in the risk landscape.