Question

Please read the article, The Nature of Risk in Complex Projects. Based on the nature of risk in complex projects what is the view of the overall review of key risks in project management?. Furthermore, please include an analysis of the concept of “risk mapping”

Answer 1

Common kinds of project management risks-

• Estimating timing & risks- One of the most essential things about executing a project is estimating it accurately. But because every website & mobile app is a bit unique, it is not always possible to come up with precise estimations straightaway.
• Change of needs- Today’s market is highly competitive . Because of which, clients may at times change their vision as to how their product or particular features in it should appear. Although it is hard to be prepared for modification of requirements, it is one of the things which we must consider.
• Unforeseen situations- Just like any other persons, project managers are humans. For instance, if some of them fall ill, it can delay the project for an indefinite time period or even derail it.
• Unclear specifications- Because of erroneous project initiation, the specifications may not be clear / sufficiently complete for developers to begin their portion of the work.
• Neglecting the design- Trying to save time, several developers at times tend to neglect designing processes. However, that decision usually throws them a shaky, as designing is one of the most vital aspects of development.
• Technical risks- Budget cut-back is amongst the most challenging risks as it compels you into a circumstance where you need to satisfy client’s needs whilst being low on resources.
• Inevitable risks- These are the risks, that cannot be controlled / estimated: ranging from technologies becoming obsolete to changes in governmental policy.

A risk map presents a visualized, detailed view of the likelihood & effect of a firm's risks. This aids the firm improve risk management & governance by prioritizing risk management endeavours . This risk prioritization enables them to concentrate time & funds on the most potentially harmful risks identified in a risk map.

A risk map also makes possible interdepartmental dialogues about a firm's inherent risks & fosters communication about risks across the firm. It aids firms visualize risks with respect to each other, & it directs the creation of a control assessment of how to tackle the risks and the aftereffect of those risks.