Project Management JumpStart by Kim Heldman

Author:Kim Heldman
Language: eng
Format: epub
ISBN: 9781119472285
Publisher: Wiley
Published: 2018-08-05T00:00:00+00:00

Business Risks

Depending on the type of project you’re working on, business risks may not have as much probability of occurring as risks associated with the triple constraints or critical success factors, but you should be aware of them and identify them because their impacts pack a big punch. If you’re caught by surprise and don’t have a plan to respond to any of these risks that may affect your project, it could spell disaster. Let’s look at some of the most common business risks:

Marketability If your project is the launch of a new product, marketability is a business risk. One concern regarding marketability is the question, will customers really pay for this product? This project may build a product or service that everyone inside the company thinks is the next greatest blockbuster hit, but if customers don’t perceive the product to have the same value as the company does, they won’t buy it.

Timing Timing of the project is another business-related risk. For instance, maybe your project involves creating the perfect holiday bakeware for home chefs, but because of schedule delays, the product didn’t hit the retail shelves until January. Or maybe your project concerns creating a documentary of the world’s greatest ice cream parlors, only to have the FDA issue a ban on all ice cream production for health reasons (heaven forbid!). Be aware of timing issues or impacts to timing like these because they could also cause an otherwise successful project to fall flat.

Management Issues Management risks are related to business risks. Management issues that may pose risks to your project include changes in corporate strategic direction, reorganization of the business units, layoffs and cutbacks, mergers and acquisitions, and budget restrictions (after budgets have been approved for your project) to name a few. If you’re aware of these issues lurking behind the scenes, take them into consideration, and evaluate the impacts they could have on the project.

Business and management risks have a small bark and a big bite, so don’t overlook their potential impacts to your project.

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