Risk Management

Be Ready for These Risk Factors in Your Project Lifecycle

Risk factors, by definition, are circumstances that can create project risks. However, they are not that impactful to cause a project failure or delivery schedule. They can push you towards those situations, though. In this article at dummies.com, know the risk factors that you might come across in your project lifecycle.

Recognizing Risk Factors

Working in a project that has no similarity with the previous ones can raise some risk factors. You may miss actionable items that impact the project later. Though inexperience is not a sure sign, it certainly increases the possibility. You need more time to complete the project or you do not have all the information in black and white. Your team has not spent sufficient time before moving to the next project phase. You may come across the following risk factors during the project life cycle.

Phase 1—Initiation: You are yet to receive some vital details about the project without which you cannot start the project right away. Neither have you analyzed the cost and benefit factors of the project nor checked if you enough resources to start. You have not met the project visionary that could fill you in with finer details.

Phase 2—Planning: People with limited or no background in such projects have created the project plan. Most of the plan has been communicated to you verbally and it misses some key information. You have not yet received a go-ahead for parts of the project from the key stakeholders.

Phase 3—Execution: None of your team members were a part of the planning committee. They even started off the project without checking its feasibility. The team lacks focus and you have not standardized rules for the management of conflicts, communication, decision-making, or reports. Some of the key clients have withdrawn their support or your resources have been reassigned to another project. Market demands have changed, and all the change requests happen without following standard procedures.

Phase 4—Closure: The key stakeholders do not approve of the final product. Team members have been reassigned before the formal closure of the project.

Other Possible Factors: Along with the phases, the project plan too can have risk factors. You are dealing with the client for the first time and the senior management are hardly interested in the project. Nobody has thought through the project’s feasibility and there is no proof that it will be beneficial. The project scope needs a wide range of resources and there is no strategy in place to look at it. You have not written down the constraints or assumptions and the work breakdown structure is incomplete. Stakeholders do not know what their role is, and you have not considered dependencies while mapping the timeline. Worst of all, the project has no assigned budget.

Above are some of the common risk factors the author has listed. Be ready to tackle those when you start a project.

To view the original article in full, visit the following link: https://www.dummies.com/careers/project-management/how-to-identify-risk-factors-in-your-project/

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