4 Major Risk Categories for Projects

risk categories for projects

4 Major Risk Categories for Projects

 

There are four major risk categories for projects. That is exactly what I want to examine in this article. A risk itself can be seen as an uncertain event that may have either a positive or negative effect on a project. 

 

Here are some of the risk categories for projects…

#1 TECHNICAL, QUALITY AND PERFORMANCE RISKS

There are some parts of risks that fall under technical, quality and performance risks. Some of these risks are inherent in the technicality of the project. Example of these includes technical changes to the project, changes made to industry standards during the project. reliance on unproven or complex technologies for the project as well as setting unrealistic performance goals for the project.

risk categories for projects

#2 PROJECT MANAGEMENT RISKS

There are some risks that are related to the way the project manager handles the project. Some of these mistakes that can be made by the Project manager that might affect the project include inadequate time and resources for the project, ineffective project plan development for a project as well as having poor cost estimates for projects.

 

#3 ORGANISATIONAL RISKS

Another major risk categories for projects has to do with organisational risks. These are risks that are inherent in a business or a particular business. Some of these risks include resource conflict with other projects, inadequate project funding as well as inconsistent management support for the project.

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#4 EXTERNAL RISKS

This has to do with external issues that are likely to affect the project. They are not within the control of the project manager. Some of these risks include labour union issues, change of management in customer’s organisation as well as regional and national security issues among others. 

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Adeniyi Salau is a Digital Marketer, Project Manager and SEO Expert of repute with about a decade of Blogging and online marketing experience. He is always ready to share his experience with others.

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