Question

Potential risk factors are found in every project. Although individual projects have different risks, there are several common risk factors. Create either a list or chart of 5 common potential risks. In 1 to 2 sentences, briefly explain why each of these risks are so common. How are they measured? Why are these important to consider when evaluating an organization’s strategic plan?

Answer 1

Some of the common risk factors in the projects are:

1. Many projects face the budget risk. Where budget estimation is done by the company is wrong or less for project.
2. One of the common risk companies is facing in the project is there is dispute between the involving parties. Which can affect the project.
3. Technology risk also one of the risk. where service outrage disrupt or affect the project.
4. During the project we also face the schedule risk. Where the project is not completed on time. Which can increase the cost of the company.
5. Health and safety is a common risk in the project. which every company or project have to face and make this risk a priority.

We can say that all these risk are common. because in any project time, cost, technology and manpower is necessary. Which help us to complete the project and if these factors affect. It can be a risk for the project.

In the project, there are lots of risks on which some of them are common in the project. To measure all these risk. we have to timely auditing the project by analyzing project situation and also we can do a project performance management to measure all the risk in the project. In the organization’s strategic planning, considering these risks can be a valuable and important factor for the organization. By considering these risks. Organization can easily predict the future problems, situations in the project. This will help the organization to solve the risk as soon as possible. which help to save time and cost of the company.