Hi, I want to know any 5 major risks which any project can be subjected to during its lifecycle and which may lead to the delay in the project delivery or other aspects. Also i need to know ways to mitigate them.
Just to give an example:
For any implementation Hardware is one such essential for the client, if the necessary hardware is not delivered on time at the client site then the project can be delayed where in in some cases development cannot start till the hardware is delivered and there might be causes for the delay in hardware delivery.
This is one such case which is quite common across any projects. please mention few others which you feel could be critical and how we could mitigate the same to see that it doesnot happen again. Saving Changes...
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Anonymous
This is a struggle for me also....thank you for bringing the topic up. I am a fairly new project manager, and I wondered the same thing.
What is the scope of the project? It really depends on your scope and your timeline? What is your largest constraint? Is it money, time, or quality?
Example. If time is your constraint, then there is a risk that not all functionality will be present at acceptance? Or do you have the skills present to develop the project? What about the environment of the company? Are there other major projects being undertaken at this time? What is the stakeholder's attitudes?
Just some thoughts on where to start in pondering this.
Every project will have risks. They will be unique to the set of deliverables you are creating. Hardware, Staffing, Schedule, Money, Executive "assistance" are 5 that I have found to crop up frequently. But even with that said - not everyone is on every project. Additionally, risks change over the phases of the project. Some are only risks during a specific phase - e.g., hardware delivery risk doesn't really matter until the schedule says - install hardware - then BANG - risk horizon... hope you have a plan to deal with it. So the real answer isn't what are the five most common risks, but rather - what are you delivering and what will prevent you from being successful? Answers that - and you'll identify the risks for your project. Saving Changes...
A way to get another perspective on risks (i.e. an add on) is by listing your dependencies and assumptions and then also list next to them what if scenarios
... e.g. what happens if my assumption was wrong ... or
... what happens if the dependent task/project is not delivering in time.
And of cause communicate them also with your project members/ stakeholders e.g. other project managers / program manager so they know . Saving Changes...
Rob MartinConsulting (Contract)| Microsoft (Thailand)Lam Luk Ka, Pathum Thani, Thailand
Good Risk control is an integral part of any program. One of the biggest mistakes is for the Project Team or Project Sponsor to forgo any decent risk process.
The actual process is quite simple:-
1. Make a list of things that could go wrong that will effect Schedule, Cost or Quality. You may or may not choose to allocate some value to these in terms of Time, Dollars and Quality (like bug rate). Make sure these are not current issues. Risks are things that "May" happen.
2. Assess each one for liklihood and impact. This will set your priorities. Set dates when each one should be re-visited based on the date of liklihood (e.g. "Hardware doesn't arrive") and then review and update the schedule
3. Work out mitigation strategies for each risk, with associated costs in Time, Dollars or quality.
Based on this set a "Risk Budget" that you agree with the sponsor that you can draw down on should any of the risks actually occur.
Risks that are "Unlikely" should not have budget assigned to them.
