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The document discusses various risks that can impact projects including technology risks, communication risks, scope creep risks, budget creep risks, lack of clarity risks, and poor scheduling risks. It provides examples and ways to manage each risk such as defining clear project scopes, creating transparency around budgets, simplifying communication streams, getting clarification from clients, and detailed planning.

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41 views

Document

The document discusses various risks that can impact projects including technology risks, communication risks, scope creep risks, budget creep risks, lack of clarity risks, and poor scheduling risks. It provides examples and ways to manage each risk such as defining clear project scopes, creating transparency around budgets, simplifying communication streams, getting clarification from clients, and detailed planning.

Uploaded by

Ez kitchen
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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About project management

Project management is the application of processes, methods, skills, knowledge and


experience to achieve specific project objectives according to the project acceptance
criteria within agreed parameters. Project management has final deliverables that are
constrained to a finite timescale and budget. Project management is the art of directing
and co-ordinating human and material resources throughout the life of a project by
using modern management techniques to achieve predetermined objectives of scope,
cost, time, and quality and ensuring participant satisfaction.

What is risk and how impacts projects ?


Risk is any unexpected event that can affect your project — for better or for worse. Risk
can affect anything: people, processes, technology, and resources. An important
distinction to remember is that risks are not the same as issues. Issues are things you
know you’ll have to deal with, and may even have an idea of when they’ll occur, like a
team member’s scheduled vacation, or a big spike in product demand around the
holidays. Risks are events that might happen, and you may not be able to tell when —
such as flu season hitting your team all at once, or a key product component being on
backorder.
Three risk with example
1. Technology risk

The technological aspect of running a project is a complex deliverable because there is


a high turnover of new and advanced technologies. The tech aspect of a project poses
a critical threat to data security, organization services, compliance and information
security. Risks associated with technology are more challenging because implementing
new IT programs often requires fresh personnel training and software acquisition. There
are also other technological-related risks like service outages that might lead to delays
and project failure.

2. Communication risk

Effective and timely communication is a significant work ethic that you must strictly
observe when you are in charge of a project. Setting up meetings with stakeholders,
such as project donors, helps you track any changes, reassign tasks and foster a
cohesive team environment. With all the communication channels and gadgets at our
disposal, sometimes team members neglect the critical components of effective
communication, leading to loss of data or misinformation and eventual project
disruption.
3. Scope creep risk

Uncontrolled and unauthorized change to the initial intended project scope may lead to
the extra cost of additional features, products or functions. Almost all projects face this
risk, and sometimes it poses an irreversible challenge because some of the added
functions are significant to the project and desirable to the project's success.

Risk management plan

1. Scope creep
Scope creep happens when either

the parameters of the project were not well-defined from the outset or

there’s pressure–either internally from the project team or externally from customers or bosses–
to take on tasks that were not part of the original project plan.

Often scope creep is the result of great intentions. Your client has a brilliant new insight
or a team member dreams up an impressive feature to incorporate or maybe someone
in upper management wants to go the extra mile to impress the client. Tiny adjustments
here and there can add up to hours (or days or weeks) of additional work.

The problem with scope creep is that it often contributes to project failure. You haven’t
budgeted the time or resources necessary to complete the extra tasks, so what might
have been a smashing success ends up a frustrating failure.

How to manage it:


To prevent scope creep, make sure that your client knows exactly what they need and
has included all the details in a written request. Create a document for your client
describing what your team will deliver and when, and include a section that explains
what will happen if the client adds to the agreed-upon parameters.

Depending on the request, it may be possible to accommodate a bit of scope creep, but
be sure to explain to your client that such additions will result in changes to the cost
and/or timeline of the project.

2. Budget creep
Closely related to scope creep is budget creep. Changes in project scope certainly can
affect your bottom line adversely, but so can other factors. Overly optimistic cost
estimates can result in a budget overrun, as when you underestimate the time or
external resources required to complete the project.
Sometimes there are unforeseen changes in material or labor costs. Poor planning
nearly always affects your budget, as can poor communication, and we’ll talk about
those below.

How to manage it:


Some budget changes are beyond your control as the project manager, but not all. To
mitigate against budget-related risks, do your research very carefully, and don’t present
a finalized budget until your project plan and schedule are complete.

Creating transparency around your project can also prevent budget overruns; both the
client and team members can help keep the project in the budget if they have access to
relevant information.

3. Communication issues
Just as in life, communication is among the most important factors in successful project
management, and having poor communication poses a huge and unnecessary risk.
Choose good communication tools and explain them to your team at the outset of your
project.

Most teams utilize some combination of email, text messaging, a chat service, and/or a
digital workspace. As the project manager, you should ensure everyone on the team
can use the technology you’ve selected. Beyond the method of communication, make
sure to be clear with expectations about response times and set a good example of
professional communication style and tone.

How to manage it:


To mitigate communication risks, you should simplify your project
communication streams to the smallest number that will allow your team to remain
effective. Research what communication and collaboration platforms will best serve the
people and the project you’re managing. You may also need to coach some team
members toward developing better communication skills.

4. Lack of clarity
Poor communication from clients and stakeholders can introduce another risk: that of
unclear requirements. Just as you need to establish good communication with your
team, you must also develop good communication with your client and other
stakeholders so that project requirements are clear from the start.

Most people have had the unfortunate experience of investing significant time into a
project only to find out they misunderstood what was being asked.

How to manage it:


Good listening skills go a long way toward mitigating this risk. As the project manager, it
falls on you to get clarification from the client on what they need and to listen carefully to
all the project stakeholders as they provide input. Ask as many questions as it takes to
get a clear picture of the desired final product and its purposes.
Ask for hard data in the form of numbers, but also ask for stories about what success
looks like for the end-user. A clear, shared vision can prevent problems and provide
inspiration for the team.

5. Poor scheduling
Scheduling is a major component of successful project management, and poor
scheduling can introduce a multitude of risks to your project. Project scheduling involves
creating a document, these days usually a digital document, that details the project
timeline and the organizational resources required to complete each task.

The project schedule must be accessible to every team member. Its purpose is to
communicate critical information to the team, so it must be comprehensive and easy to
understand. Project scheduling can be broken down into eight steps and even though it
can be time-consuming, proper project scheduling can help you avoid many of the risks
that might otherwise arise in your project.

How to manage it:


Detailed planning is essential to creating a project schedule. If you plan well, there are
many digital scheduling tools like Kissflow Project that can prove helpful in staying on
track. Depending on the scope and complexity of your project, you may find a simple
shared calendar would be effective. For more complex projects, some teams use Gantt
charts and others prefer kanban boards.

Conclusion
In this course, I learned practical ways to use project management skills, whether my
project is large or small. Begin to explore how I can benefit from using project
management techniques in my own projects.

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