HCS 412 Discussion Week 4

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School

University of Phoenix *

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Course

412

Subject

Information Systems

Date

Dec 6, 2023

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docx

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2

Uploaded by DeanResolveSeaLion8871

As a project manager, identifying what can go wrong will be beneficial and set up the team for a successful outcome. Knowing the potential risk and forming an objective solution will keep the team on track. You may encounter the seven most common risks when conducting a risk assessment. A scope risk, aka scope creek, occurs when the initial project objectives could be more precise. Preventing scope creep by creating an explicit project parameter from the beginning will strengthen the project scope. It is essential to communicate the roadmap with your stakeholders initially and stay within the parameters; otherwise, the stakeholder may make changes at the midpoint. Low performance occurs when the project could perform better than expected. You may only sometimes identify the root cause of low performance, but you can recognize risks that may cause low performance. It is essential to anticipate potential performance risks early in the planning process. The high cost can occur due to unrealistic or lack of detailed budgeting within the project planning phase. To prevent overspending, estimate each project element accurately and remain close to the allocated budget. Time crunch, known as time risk, aka project schedule risk, can occur when a task in the project takes longer than expected, which causes a domino effect delay timeline with the budget, delivery date, or overall performance. To prevent it is to overestimate the time to complete the task in the planning phase and build in time contingency. Stretch resources occur when more resources needed to complete the project. Identifying the number of resources needed will prevent running out of resources. To avoid stretching resources, creating a resource allocation plan is the best use of team resources while enlarging the resource impact and supporting the team's goals. Operational changes involve changes in management, roles, or new processes. Unfortunately, it cannot predict or prevent if you can identify the team shift or change that is forthcoming, prepare the team for the change and allocate time to adjust through team meetings, schedule tools, and additional training.
Lack of clarity results from miscommunication among the stakeholder and unclear project scope or deadlines. It is essential to check and recheck the requirements to ensure everything is in place and everyone is on the same page. Reference: Asana. (n.d.). 7 common project risks and how to prevent them [2022] • asana. Asana. Retrieved December 14, 2022, from https://asana.com/resources/project-risks
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