Question

What method(s) should be used to monitor if risks are being triggered? Describe the method(s) that should be used to identify and plan responses to newly identified risks. Describe the method(s) to use to review and update any contingency reserves. Describe the timing on all of the above. For example, some you may do daily, others weekly, others monthly. Perhaps these tasks will be done as part of your regular status meetings or at special meetings to discuss risk.

Answer 1

Methods to monitor risk
Take feedback from workers on the shop floor .
Feedback from the people who manage the controls of process opinion of people who work with controls of the system .
are the controls designed for failsafe.
Continuously monitor social, economical and political factor that influence the microeconomics of the organisation.

Methods to respond to risk
Accept the risk: Resolve the rift immediately
Avoid the risk: This can be awarded by postponing the activity of the project to a later date .
Transfer the risk. Examples by employing a third party for executing a part of project you can transfer the risk
Mitigate the risk: Take appropriate control action even before the risk can occur. For example before sending the sales representative to the client it is better to ensure that the salesperson is appropriately trained and have enough knowledge to make the deal with clients. Weekly review needs to be done in order to
Exploit the risk: You exploit the risk when the risk impact the business positively. For example that is used in month for a product but less salespersons available, so you can take advantage of the situation

Monte Carlo Method can be used to update the contingency reserve. contingency reserve gives that option to respond to risk so that risk to not compromise the project.

Weekly review needs to be done in order to monitor the Aproject