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Project risk Featured

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In order to implement the project and make it successful, it is important to manage risks well. As a project leader, it is significant to identify and provide attention to the high and middle-priority risks. Risk can greatly affect the success of the project and the project manager should ensure that all possible risks are put into consideration when considering a project (Parker & Craig 2008). When conducting a charitable project to ensure that our community had access to water, we were faced with financial risks. The cost that had been predicted to ensure that there was enough installation of water sources in the community was not enough. When the project was at the final stages of completion, the funds that were allocated to see the end of the project were finished and we had no other source of funding. This resulted to a delay in the completion of the project and since this was a charitable project, we had to ensure that we look for our own source of funding so that to complete the project. We had to seek for a loan so that to ensure that the project was completed. Because of the risk, we were not able to complete the project on the allocated time and this led to a two month delay.

            A surprise refers to an event that tends to happen unexpectedly. Surprises in projects are likely to happen and it is common for any experienced project manager to experience several surprises during the course of the project (Parker & Craig 2008). Surprises are unforeseen events. An example of a surprise event that impacted the project like that one of our key sponsors in the project decided to leave before the project was completed for greener pastures. Because the sponsor left before the completion of the project, it resulted to fall back in money for completion of the project. Despite the fact that the sponsor was contributing a small percentage in the project, it affected the project in delay for completion and even paying the workers. In order to resolve the problem, as the project manager I requested other sponsors to increase their contribution and we were able to deal with the surprise despite having resulted to a delay in completion.

            Another surprising event that impacted the project is that one of our main contractors decided to leave the project before it was over because of the delay caused by lack of enough funding. The contractor was supposed to start another project after the original completion time allocated for our project; however, he was able to find another contractor who was to replace him in the additional time.

            Risk is described as a measure for future uncertainties in achieving the program objectives and goals in a defined schedule, cost, and performance constraints (Symonds 2013).  Risk normally addresses the potential variation in a planned approach and the expected outcome. The variation can include negative and positive effect; thus, it is important to ensure risk management. When planning the project, we did not consider the possibility that the cost allocated would not be enough to complete the project. Thus, it is necessary to have a risk management plan that is able to establish internal and external risks because it provides the potential risks, the impact, and actions that can be considered so that not to negatively impact the project (Parker & Craig 2008).

Reference

Parker, D & Craig, M (2008). Managing projects, managing people Macmillan education AU

Symonds, M (2013). The problem with project risk management retrieved from http://www.techrepublic.com/blog/it-consultant/the-problem-with-project-risk-management/

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