Risk Management Guidance
Risk Management
Potential Sources of Risk
Risks to your project can come from a variety of sources. When identifying risks to your project you may find it useful to consider the following potential sources:
- Political
- Economic
- Social
- Technological
- Legislative
- Environmental
- Financial
- Legal
- Physical
Common Projects Risks
The table below shows some of the common risks that can affect a project, though each project is unique so this list should only be used as a prompt to stimulate other ideas.
| Type pf Risk | Common Risk |
|---|---|
|
Staff Risks |
Key staff will not be available when needed |
|
Staff Risks |
Key skill sets will not be available when needed |
|
Staff Risks |
Staff will be lost during the project |
|
Equipment Risks |
Required equipment will not be delivered on time |
|
Equipment Risks |
Access to hardware will be restricted |
|
Equipment Risks |
Equipment will fail |
|
Client Risks |
Client resources will not be made available as required |
|
Client Risks |
Client staff will not reach decisions in a timely manner |
|
Client Risks |
Deliverables will not be reviewed according to the schedule |
|
Client Risks |
Knowledge client staff will be replaced by those less qualified |
|
Scope Risks |
Requirements for additional effort will surface |
|
Scope Risks |
Changes of scope will be deemed to be included in the project |
|
Scope Risks |
Scope changes will be introduced without the knowledge of the project manager |
|
Technology Risks |
The Technology will have technical or performance limitations that endanger the project |
|
Technology Risks |
Technology components will not be easily integrated |
|
Technology Risks |
The technology is new and poorly understood |
|
Delivery Risks |
System response time will not be adequate |
|
Delivery Risks |
System capacity requirements will exceed available capacity |
|
Delivery Risks |
The system will fail to meet functional requirements |
|
Physical Risks |
The office will be damaged by fire, flood, or other catastrophe |
|
Physical Risks |
A computer virus will infect the development system |
|
Physical Risks |
A team member will steal confidential and make it available to competitors of the client |
|
Schedule Risks |
Wrong time estimation |
|
Schedule Risks |
Resources are not tracked properly. All resources like staff, systems, skills of individuals etc |
|
Schedule Risks |
Failure to identify complex functionalities and time required to develop those functionalities |
|
Schedule Risks |
Unexpected project scope expansions |
|
Budget Risks |
Wrong budget estimation |
|
Budget Risks |
Cost overruns |
|
Budget Risks |
Project scope expansion |