Investigating The Potential Risks That May Arise During The Project Life Cycle

risks and determine the likelihood and consequence of that risk occurring during the project. The

The following short case will give you a good idea of how risks surface in business and project planning and what companies do about it. Consider that you are the Risk Manager as you look at this case, as it will be a good exercise for the time when you will be that Risk Manager!

Identify a minimum of 10 project risks and when each will occur in the project life cycle, and then determine their impact and probability of occurrence.

Risks management is an important step during the process of a project. Failing to manage a risk may result in unforeseen event happening and a project’s failure. For example, with limited budget, an unforeseen event or an accident occurs in the middle of a project and this matter has not been considered and needs a big sum of expense, then the project may be stopped because of this unexpected event. We should know it is necessary to understand how to identify risks and assumptions based on the information. After identifying risks, it is important for project managers to set contingency plans to prevent and deal with these risks when they occur. Of course, several problems may happen during considering

Risk or threat is common and found in various fields of daily life and business. This concept of risk is found in various stages of development and execution of a project. Risks in a project can mean there is a chance that the project will result in total failure, increase of project costs, and an extension in project duration which means a great deal of setbacks for the company. The process of risk management is composed of identifying, assessing, mitigating, and managing the risks of the project. It

In order to perform project risk management effectively, the organization or the department must know the meaning of the risk clearly. With regards to a project, the management must focus on the potential effects on the objectives of the project, for example, cost and time (Loosemore, Raftery and Reilly, 2006). Risk is a vulnerability that really matters; it can influence the objectives of the project

Within today's organizations, every project develops problems as there is continued progress. Therefore, when developing a new Information System (IT) the project manager must be aware of potential risks that might compromise the entire system. These matters should be taken into consideration, because they are the ones that determine how strong or weak a project is. Understanding that risk management means the critical analyzing and finding relevant solutions to the risk. Ergo, risks come in many shapes and forms and have the potential to influence the project in a positive and negative way. These potential risks take many different forms within the project. This paper will discuss some of the

Risk items come up on every IT project. Recognizing issues as risks when they arise is a talent, and it is one that the Project Manager and the delivery team need to acquire to help ensure project

According to Kendrick (2009, p. 17), roughly 75 percent of projects fail when project teams refuse to adopt some form of risk monitoring and control. Ken Black (1996), an associate professor of decision sciences, published an article listing twelve factors that contribute to the failure of projects. The article highlighted risks as one of the factors that can negatively affect project constraints (Black, 1996). A risk, as defined by Kendrick (2009, p. 1), is an event or series of events that occur due to the level of uncertainty associated with the project outcome. If a risk occurs, it threatens the success of a project because it can halt or prolong the project’s constraints. Risk

Certain tools or models have been developed to help the project manager to decide what to do for certain types of risks. Examples of risk management models are the risk cube, the Risk Burndown Chart, GANTT chart, Milestone chart, Program Evaluation and Review Technique (PERT) or Critical Path Method (CPM), Probabilistic Risk Assessment (PRA), SWOT (Strengths, Weaknesses, Opportunities and Threats ) analysis, GAP analysis, Value Chain analysis, Failure Mode and Effect Analysis (FMEA), Decision Tree Analysis, and Monte Carlo Simulation. Risk management software such as Active Risk Manager, Risk Matrix, and Risk+ is also used [ [1] ] [ [3] ] [ [4] ].

Once the Project Team identifies all of the possible risks that might jeopardize the success of the project, they must choose those which are the most likely to occur. They would base their judgment upon past experience regarding the likelihood of occurrence, gut feel, lessons learned, historical data, etc.

This week, we will look at the concept of risk assessment. Risk assessment is the process of analyzing project risks to quantify probabilities and to measure their impact on the project. Once we have measured risks, the process of assigning them to risk owners and preparing a plan on how to deal with them can begin. Our goal here is to be able to pass on to the options and actions step. Details will be needed about the risks and their possible impact on the project so that actions can be prepared and the stakeholders can be assured that risks have been analyzed.

According to them, risk management is a continuous process related to identification of stakeholder needs to recognize all the potential implementation risks, and to determine strategies to deal with them. Risk on a software development project should be categorized according to stakeholder needs and expectations. Kwak and Ibbs (????) identified risk management as the least applied scientific field among the various knowledge areas of project management and came up with a solution of their own framework. Even more development strategies were produced, namely collaborative software development. It was developed by “Author (????)” and mentioned all the multiple working teams working for multiple organizational units within the same or different companies. Software development in such surrounding environment often crosses national linguistic and cultural boundaries and a framework for such a scenario is much needed. Cristina Lopez (2012) and Jose L. Salmeron (2012) said that poor risk management of software projects often leads to failure, which can impacts the project outcomes. ). According to them, factors like importance of risks should also be considered. They said that

When the PM has identified the risk, she or he should reduce the risk using the following strategies: "reduce the likelihood the event will occur and or reduce the impact that the adverse event would have on the project" (Gray & Larson, 2006, p. 215). There are numerous risks to any project but only four risks will be listed since they have been considered priority in the success of this project. Those risks are:

To find the risk that affects the completion of project and making decision for minimizing it.