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Project Management: The Risks And Their Causes

Project management is about managing the project, the team associated with it, the resources, the time, the clients and everything else related with a project.

Project management sure is very helpful and allows the project managers to effectively and efficiently complete the projects in time but there’s no project that comes without any risks. Project managers are always called the most creative people around because they need to figure out things that can go wrong before they actually go wrong.

Let us know and understand more about risk management that talks about the risks in project management and the causes behind those risks.

The main tasks involved in risk management are:

•  First, you must create a risk management plan which will help you in identifying and analyzing the risks and monitoring them. Also, it will guide you on how to respond to the risks.

•  Next, you must establish and maintain a risk log which has a list of the risks and their severity. This document is not only helpful to monitor the risks but also will help you communicate to the stakeholders about the potential risks.

•  You need to analyze every task and the probability of it occurring throughout the project. You also need to analyze how the risks can impact the tasks and the project overall in terms of deliverables and scheduling.

•  As per the research and the analyses, you next need to develop a strategy for responding to potential risks that might occur.

The common causes of risk that are easily identifiable in many projects are as follows:

•  When the experts and the most skilled members of the team quit or leave the project during the project process

•  Machinery and equipment being used fail
•  Business decisions, raw materials, agreements and other resources does not reach in good time
•  When the customer expectations are poorly managed
•  Miscommunications or a lack of clarity in the business requirements document
•  Keeping inaccurate estimates or setting unachievable goals and objectives
•  Poor communication between customer and provider