cis w8

 "Project Risks" Please respond to the following:

• When managing a project, project managers must remain vigilant to project risk management. Summarize at least three risks that may impact the success of a large technology project. Relate each risk to a specific project attribute.
• Analyze how the risks identified in Part 1 of this discussion may impact the project and project deliverables.

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When managing a project, project managers must remain vigilant to project risk management. Summarize at least three risks that may impact the success of a large technology project. Relate each risk to a specific project attribute.

Scheduling Risk

There are a number of reasons why the project might not proceed in the way you scheduled. These include unexpected delays at an external vendor, natural factors, errors in estimation and delays in acquisition of parts. For instance, the test team cannot begin the work until the developers finish their milestone deliverables and a delay in those can cause cascading delays. To reduce scheduling risks use tools such as a Work Breakdown Structure (WBS) and RACI matrix (Responsibilities, Accountabilities, Consulting and Information) and Gantt charts to help you in scheduling.

Resource Risk

This risk mainly arises from outsourcing and personnel related issues. A big project might involve dozens or even hundreds of employees and it is essential to manage the attrition issues and leaving of key personnel. Bringing in a new worker at a later stage in the project can significantly slow down the project. Apart from attrition, there is a skill related risk too. For instance, if the project requires a lot of website front end work and your team doesn’t have a designer skilled in HTML/CSS, you could face unexpected delays there. Another source of the risk includes lack of availability of funds. This could happen if you are relying on an external source of funding (such as a client who pays per milestone) and the client suddenly faces a cash crunch.

Technology Risk

This risk includes delays arising out of software & hardware defects or the failure of an underlying service or a platform. For instance, halfway through the project you might realize the cloud service provider you are using doesn’t satisfy your performance benchmarks. Apart from this, there could be issues in the platform used to build your software or a software update of a critical tool that no longer supports some of your functions.

https://project-management.com/understanding-the-4-types-of-risks-involved-in-project-management/

Analyze how the risks identified in Part 1 of this discussion may impact the project and project deliverables.

Unrealized Benefits

Risks can kill a project’s benefits overnight, or they could be slowly eaten away through inefficient management practices. When your team isn’t working efficiently, every additional admin task adds cost and time to your project, which in turn has an impact on how quickly your benefits can be delivered – if they are delivered at all.

Unhappy Clients

Clients don’t want to be involved in something that is perceived to be high risk. They need to know what you are doing to mitigate any potential threats and that you’ve got a sensible Plan B in place.

Project Failure

Ultimately, the worst case scenario for failing to adequately manage risk is that your project fails. It never completes or never delivers anything of value. The objectives in the business case aren’t reached and you waste all that investment in time and effort that has gone into your project to date.

https://tensix.com/2017/03/7-impacts-of-poor-risk-management-and-what-you-can-do-about-them/