This practice will allow risks to be reviewed as the specific WBS element is carried out. As the risk event is detected, the WBS element will trigger a series of planned tasks necessary to mitigate the risk. This revision, which is necessary because the cost was not included in the original estimate, should also be noted in the Risk Tracking Log . The risk management plan must be continuously evaluated and updated throughout project implementation. Assessing the effect of the risk management plan, making adjustments if necessary, and updating the plan as necessary are essential to managing project risks effectively.
New risks emerge, and old ones disappear.
Implementing risk mitigation actions may create new risks, which were not predicted, or change the effects of existing ones. Therefore evaluating the plan periodically is critical, and periodic reviews should be specified in the project schedule. Major milestones are also logical points in the project management life cycle to evaluate how the project is doing and assess changes in the environment. Every time a major project change is proposed and approved for implementation, the project team should look at how this change affects the project and determine if any new risks are introduced by the change. New mitigation strategies will need to be developed to address any new risks.