Why are risks often overlooked in Project Management? What are some examples?
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Why are risks often overlooked in Project Management? What are some examples?
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Solution Summary
Why the risks are often overlooked in project management is determined. Examples are provided.
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In project management, risks are any factors or events that can prevent a project from being completed successfully by changing the scope, cost or time of a project. For example, one possible risk is tasks not being completed on time. This can cause a project to be delayed. The process of anticipating and dealing with risks in a project is called risk management.
There are a variety of reasons why risks are often overlooked in project management. First of all, it is necessary to acknowledge that it is impossible to anticipate every risk in a project. As a project progresses, unknown factors will arise, key people will become sick, vendors will be unable meet deadlines, even acts of God, such as natural disasters may occur and delay a project. Typically the best way to handle this type of delay is to build a healthy amount of padding in the project schedule.
However, there are often known risks which are ignored and lead to delays, cost overruns or complete failures in projects. In the article, Top IT Project Risks and What to do about them, the author Vicky Haney lists the top 10 risks in IT projects.
1) User Involvement-When users are not involved in a project from the beginning, they may add new requirements and specifications to the project, leading to scope creep. Furthermore, a lack of user involvement on a project increases the chance that developers will miss key requirements, leading to ...
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