Although the importance of risk management in IT should not be underestimated, for some reason, this aspect of product development often gets overlooked. The thing is that regardless of the complexity of your project, there are always some risks that can result in its failure. To avoid unforeseen situations that can damage the whole idea and reflect badly on the process of its creation, risk assessment is applied. In this article, we are going to point out 5 major project management risks and will provide some helpful information on how to avoid them.
Top 5 Project Management Risks
While Simplicable identifies 130 project risks that fall into 22 categories, not all of them are very frequent. By and large, there are 5 top risks. These are schedule flaws, increase in requirements, staff turnover, specification breakdown, and poor productivity. Now let’s look at each of them in more detail.
1. Schedule Flaws
The first and most common type of project management risks is associated with scheduling. Because of the unique nature of each project, estimating and scheduling should be very individual, and when this individual nature is neglected, failures happen. Commonly, schedule flaws appear because of the lack of scheduling knowledge, lack of attentiveness to details, the absence of scheduling logic, a lack of milestones, etc.
2. Increase in Requirements
Quite often, project estimates and timelines can dramatically change because of a customer’s decisions to expand the product’s functionality. For sure, an increase in requirements impacts both the cost and time needed for the development, facing some customers to unexpected expenses and postponing time to market.
3. Staff Turnover
One more reason for delays in product development and release is staff turnover. Sick leaves, professionals leaving the project and the company should be considered as possible risks by the vendor before the project starts.
4. Incomplete Specification
Because specifications provide clear instructions on the intent, performance and construction of the project, the lack of attention to this document can result in huge problems with development. For example, on the stage of integrations, it can turn out that specification contains conflicting requirements
5. Poor Productivity
A lack of employees productivity is often the result of a so-called student syndrome, which means that when people are given a deadline, they tend to wait until the very last moment before starting work.
How to Avoid Risks in IT Projects?
Now let’s see how it is possible to avoid the above-mentioned risks in the most effective manner.