How do you monitor and control risks during the execution and closure phases of a waterfall project?

2 Track and report risks

The second step in monitoring and controlling risks during the execution and closure phases is to track and report the risks that may affect the project objectives, deliverables, and customer satisfaction. This involves measuring the actual performance of the project against the planned performance, using tools such as earned value analysis, variance analysis, trend analysis, and performance indexes. You should also communicate the risk status and performance to the project team, the sponsor, the customer, and other stakeholders, using tools such as dashboards, reports, meetings, and presentations. By tracking and reporting risks, you can ensure transparency and accountability, and enable timely decision making and corrective actions.

3 Respond to risks

The third step in monitoring and controlling risks during the execution and closure phases is to respond to the risks that may occur or escalate during the project life cycle. This involves implementing the mitigation and contingency plans that were defined in the risk register, and adjusting the project plan, scope, schedule, cost, and quality accordingly. You should also document the risk responses, their outcomes, and their impacts on the project performance and deliverables. By responding to risks, you can reduce or eliminate their negative effects, and exploit or enhance their positive effects.

4 Evaluate and close risks

The fourth step in monitoring and controlling risks during the execution and closure phases is to evaluate and close the risks that have been resolved or are no longer relevant to the project. This involves verifying that the risk responses have met the expectations and requirements of the project stakeholders, and that the project deliverables have been accepted by the customer. You should also update the risk register with the final status and resolution of each risk, and archive the risk documentation for future reference. By evaluating and closing risks, you can ensure quality and compliance, and capture valuable knowledge and experience.

6 Celebrate successes

The sixth and final step in monitoring and controlling risks during the execution and closure phases is to celebrate the successes that have been achieved despite or because of the risks. This involves recognizing and rewarding the contributions and achievements of the project team, the sponsor, the customer, and other stakeholders, and celebrating the completion and delivery of the project. You should also reflect on the positive outcomes and benefits of the project, and how they align with the strategic goals and vision of the organization. By celebrating successes, you can foster a culture of appreciation and motivation, and strengthen your relationships and reputation.