A project risk is something that can impact negatively on a project, Every project comes with a project risk. If risk is not tracked on time it can be turn to a serious issue.
Common Project Risks:
1.Resource Risk - It is project manager's responsibility to sense the risk, if any resource is not performing well, his/her skills not matched with the project requirements, taking back to back leaves, not communicate proactively, If these challenges can be seen with any resources, Project manger should immediately click on risk button.
2.Technical Risk - A recourse with the skill set which are not fulfilling the project requirement, can be cause to major risk which can be convert into issue, and it will directly impact on the project quality.
3. Delivery Risk - Frequent change in requirement can create scope creep and it will impact the timeline which refers to delivery risk.
4. Communication Gap - This is a most common risk we see in our projects, if communication will be not transparent and proactive it will be completely mess, which will create many Project risk just with the communication gap.
5. Unplanned Work - Any project where a proper approach and planning is defined to proceed will create a lot of stress and confusion amongst the project members, it can impact on the performance to deliver a project on time and as per the client's expectations, we need an organized approach and planning.
How to manage the Risk?
1. Regular quick discussion with team to monitor the progress and know their challenges
2. Use Project management tools to track the project tasks and updates.
2. Communicate in common project group so that everyone can aligned with same status and update
3. maintain project risk document and update them regularly
4. If there is any challenge that can not be mitigated by PM, PM should be immediately inform this to higher management so that it can be handled.
5. Always try to motivate team and make them feel comfortable so that they can share the challenges without any hesitation.
Conclusion
Managing risks does not mean trying to avoid every problem or assuming that nothing will go wrong. In reality, challenges are a natural part of any project. What truly matters is the ability to identify potential risks early, understand their impact, and take timely and practical action to reduce their effect. A proactive approach helps teams stay prepared, make informed decisions, and respond calmly instead of reacting in panic. It also builds confidence among team members, improves planning, and reduces last-minute surprises. When risks are monitored regularly and addressed at the right time, projects are more likely to stay on track, meet client's expectations, and achieve overall success.
