Question

Discus What is Qualify Risk under assessing project risks

Answer 1

Quality risk is one of the most important aspect of the project risk that is created when the variation takes place in deliverable and specifications from the planned quality parameters. It has the potential to jeopardize the success of the project. To manage the quality risk and eliminate the deviation from the planned deliverables, there is a need to take-up the different measures. The first measure is to apply the earned value management practices that keep track of the progress of the project in terms of different indicators. While doing so and at the time of taking of corrective action, the predefined quality specifications are also observed. Any corrective action, should also meet the quality criteria in implementation program. The second measure is to time bound quality assessment of the project work being done. The strict provision should be there to prevent the scope of deviation of the planned quality metrics. It will make the project successful for the client as well as for the service provider.  
Quality risk also comes into the picture where there is an erratic assessment of the project with the lofty considerations and that cannot be met in reality. It should be properly discussed, assessed and finalized after the through discussion between the client and project management company.