project management

Risk

Why is it a risk?

Rank

Impact on the Project

Mitigation Strategy

1.Management Support

The executives may disrupt the project or may fail to support the project bringing it to an end.

5

This can lead to the project being canceled. It can also lead to delays in completing the project or lack of support in the form of resources and finance.

Involve the management from the beginning of the project and ensure one of the members of the executive is part of the project team. The member will have to share any success of the project and any failures of the project.

2.Budget Risk

Incurring more costs than the earlier budgeted cost of the project. It involves inaccurate cost forecasts.

5

It can lead to delays in the implementation of the project. At times can lead to the cancellation of the project if the management cannot be able to afford the new costs of the project.

Involve experts while drawing up the budget of the project. Using cost estimates of similar projects in the past will be able to give better cost estimates.

3.Culture/Employees

The success of the project will depend on the support of employees. This becomes a risk where the employees do not support the project, staffing of the project team, and work schedule changes in the company. The project may also fail to meet the organizational culture.

4

It can lead to delays in time, which will affect the implementation time of the project.

Staff training as an approach of involving the staff in the project. Work schedules should be done in a way that does not interfere with the project work.

4.Technology

Technology failure that will interrupt with work. These may include power and service outages. The current project requires constant internet.

4

Time delays will lead to delays in the implementation of the project. Cost issues as the project manager may have to source for service.

Ensure that any planned changes and maintenance are communicated earlier so that they do not interfere with the project schedule.