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    5 Types of Risks for a Highly Complex Project

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    Assume that you are a project team member for a highly complex project based on a new technology that has never
    been directly proven in the marketplace. Further, you require the services of a number of sub-contractors to complete
    the design and development of this project. Because you are facing severe penalties in the event the project is
    late to market, your boss has asked you and your project team to develop risk mitigation strategies to minimize your
    company's exposure. Discuss 5 types of risk that you are likely to encounter. How should your company deal with
    them (accept them, share them, transfer them, or minimize them)? Justify your answers. [1.5 page]

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    1. Schedule Risk. When project scheduling of tasks are not done properly and issues related to it are not addressed promptly, they may have an adverse effect on the project and may cause project failure. Among the reasons why project slip happens are wrong time estimation; improper tracking of resources (e.g., staff, skills, and systems); failure to identify and estimate the time required in developing complex functionalities; and unexpected extensions in project scope.

    A good project manager deals with shifting deadlines effectively by assigning team members to the various parts of the project. Since the project is high in complexity and there is a high risk of not being able to meet its deadline, one way to mitigate schedule risk is to break the tasks into manageable chunks or milestones and have more people work on the different parts of the project simultaneously. Oftentimes, this helps the project tasks be done faster and there will be more time for changes and review of the output.

    2. Budget Risk. When the project manager doesn't have an idea of the allocation of resources, a budget risk may occur. There may be wrong estimation of budget due to lack of knowledge or research of ...

    Solution Summary

    The 5 types of project risks in a highly complex project are described and risk mitigation examples are provided. The solution is 706 words with six non-APA references.