Risks

Categories Of Risks

1. Schedule Risk: Project schedule get slip when project tasks and schedule release risks are not addressed properly. Schedule risks mainly affect a project and finally on company economy and may lead to project failure.

Schedules often slip due to the following reasons:

• Wrong time estimation

• Resources are not tracked properly. All resources like staff, systems, skills of individuals, etc.

• Failure to identify complex functionalities and time required to develop those functionalities.

• Unexpected project scope expansions.

2. Budget Risk

• Wrong budget estimation.

• Cost overruns

• Project scope expansion

3. Operational Risks: Risks of loss due to improper process implementation failed system or some external events risks. Causes of Operational Risks:

• Failure to address priority conflicts

• Failure to resolve the responsibilities

• Insufficient resources

• No proper subject training

• No resource planning

• No communication in the team.

4. Technical Risks: Technical risks generally lead to failure of functionality and performance.Causes of Technical Risks are:

• Continuous changing requirements

• No advanced technology available or the existing technology is in the initial stages.

• The product is complex to implement.

• Difficult project modules integration.

5. Programmatic Risks: These are the external risks beyond the operational limits. These are all uncertain risks are outside the control of the program. These external events can be:

• Running out of the fund.

• Market development

• Changing customer product strategy and priority

• Government rule changes.