Project Risks
A project goes through different challenges in achieving the desired objective. The challenges come along with risks that threaten to hinder the success of the project. The beginning of a project is characterized by excitement with the leaders showing commitment and determination to achieve the goals of the project. However, the reality changes in the advanced stages of the project and the risk of poor leadership sets in. Staff problems also come up in the later stages of the project with staff member disagreeing in various issues that affect the effectiveness of the project.
The lack of discontinuity of the project activities where the project manager is forced to make decisions that had not been planned for at the beginning is a risk to a project. Also, the business faces the risk of a lack of resources needed for completing the project activities. Additionally, the business may change direction leading to unexpected outcomes. A risk register is defined as a scatter plot that allows for the entering of the information concerning the various risks faced during a project period. The risk register is essential for successful risk management since all the information on a particular risk is present.
The management of risks requires proper planning, with priority being given to the most severe risks. A probability and impact matrix is essential in prioritizing the risks facing a project (Hillson, 2017). Risks always vary in size and severity depending on the type of project, and thus, the priority of every risk should be assessed using the probability and impact matrix. The combination of probabilities and impact scores in the probability and impact matrix gives priority to assign to each risk.
In sum, every project is subject to several risks, and the management of each risk defines the success of a project. A risk register provides the information required in the risk management process. The probability and impact matrix gives the priorities to assign to each risk. Generally, risk management requires proper pre-planning.
Reference
Hillson, D. (2017). Managing risk in projects. Routledge.