Project Risks

 Definition: Project risks are potential issues that could impact the successful completion of the project. These risks are related to the project’s scope, schedule, budget, resources, and external factors that could affect the project's progress.

Examples:

1. Scope Creep:

   • Risk: The project scope may expand beyond the initial requirements, leading to delays and increased costs.
   • Mitigation: Implement strict change control processes and ensure all changes are documented, evaluated, and approved before implementation.

2. Schedule Delays:

   • Risk: The project may not be completed on time due to unforeseen delays.
   • Mitigation: Develop a realistic project schedule, monitor progress regularly, and have contingency plans in place for potential delays.

3. Budget Overruns:

   • Risk: The project may exceed its allocated budget due to unexpected expenses.
   • Mitigation: Monitor project expenses closely, set aside a contingency budget, and manage resources efficiently.

4. Resource Shortages:

   • Risk: The project may face shortages of key resources, such as skilled personnel or necessary equipment.
   • Mitigation: Plan resource allocation carefully, hire additional staff if necessary, and ensure backup plans for critical resources.

5. Stakeholder Issues:

   • Risk: Conflicts or miscommunications with stakeholders may disrupt the project.
   • Mitigation: Maintain regular communication with stakeholders, manage expectations, and involve them in key decision-making processes.

Summary

• Product Risks focus on the potential issues that could impact the quality, performance, usability, security, and compliance of the product being developed.
• Project Risks focus on potential issues that could impact the successful completion of the project, including scope, schedule, budget, resources, and stakeholder management.