Hi Pam,
Organizations/people categorize risk in the way that makes the most sense to them. On ganthead, within Project HEADWAY, we categorize and define risks as falling into one of the following buckets...
Types of Risks
It is important to recognize that there is not just one type of risk that can impact a project. While some organizations use checklists to identify the most common risks, the risks that each project is most exposed to are unique. It is important to give consideration to those types of risks that are most likely, and within each category to identify the specific risks that the project faces.
The types of risks that may be encountered by a project include:
Delivery Risk, the risk of the project being able to be completed successfully, and the budget, schedule and resource constraints which may prevent project success. What risks exist within the project that could delay or compromise delivery?
Project Definition Risk, the risk that the project is not fully and completely defined, understood and estimated prior to initiation. Are there uncertainties regarding the objectives or requirements of the project, or for whom the project is being done?
Business Impact Risk, the magnitude of change the project represents for the customer organization and the likelihood of adoption. What barriers exist to the customer organization in using the results of the project once it is finished.
Business Support Risk, the degree of support for the project within the customer organization. Are there champions of the project? Where is resistance to the project likely to come from, and why is the project likely to be opposed?
Technology Impact Risk, the risk to the project based upon the newness and degree of familiarity with the technology employed on the project. What software, hardware or toolset risks are in place? Has the technology already been implemented within the organization, or in other similar organizations? Is the organization familiar with the technology?
Project Management Risk, the risks presented as a result of the project management processes being employed on the project. What are the project management risks? What activities or deliverables may encounter difficulties in managing the project?
PMI Team Member
