In every project, there are factors that pose uncertainties and potential obstacles, which if not properly managed, can have detrimental effects on the project’s success. Recognizing and addressing these risks is crucial for project managers and teams to ensure smooth project execution.
Effective project risk management involves identifying, analyzing, assessing, and mitigating risks throughout the project lifecycle. By proactively managing risks, project teams can minimize their impact and enhance the likelihood of project success.
Common Type of Project Risks
The common type of project risks in IT Projects includes but not limited to:
- Scope creep — Scope creep happens when the initial project objectives and scope are not well defined, and leads to undesired expansion of project scope, budget and timeline. This would cause further misalignment and lack of focus among the team members while managing external stakeholders
- Schedule delay — Dependencies and interdependencies are not properly managed such as infrastructure readiness prior to the start of the deployment, and timely completion of the procurement process leading to contract (as well as the statement of work) sign-off. Pay closer attention to dependencies along the critical path, as it would severely impact the outcome of your project.
- Stakeholder management — Lack of approval from a high-power, high-interest stakeholder would hinder project progress…
