Identifying risks is a central component of project risk management. Risks are identified using various methods and placed into a risk register. The risks are then analyzed and prioritized, and appropriate risk response plans are drawn up.
I would like to update this list and keep it current, so if you have anything to add please leave a note in the comments section.
Project Scope
- Scope is incomplete
- Scope is unclear
- Tasks get added during project without approval (scope creep)
- Stakeholders demand additional scope
- Project sponsor has different expectation of scope
- Subconsultant/subcontractor scope definition is not clear
- Project sponsor/executive demand additional scope without supplying additional funds
Project Quality
- Quality of product/service does not meet expectations
- Technical expertise of checking/reviewing not adequate
- Technical errors
- Technical omissions
- Required technical training or learning curve is longer than anticipated
- Design is not feasible
- Design is not practical
- Design is difficult or impossible to build
- Design lacks features or flexibility
- Design standards are not met
- Standards change during project
- Contractor does poor quality work
- Contractor uses poor quality suppliers
- technological change impacts deliverables
Project Schedule
- Project is behind schedule
- Resources cannot be secured as anticipated
- Stakeholders demand excessive consultation/communication
- Contractor starts late
- Contractor finishes late, pays penalty, delays others
- Delay due to worker injury or fatality
Risk Management
- Important risks are not identified.
- Response plans are inadequate.
- Risks are not shared with stakeholders.
- Unauthorized risks are added to project by sponsors/executives
Market
- The product will not realize enough Return on Investment (ROI)
- Sales are insufficient
- The project’s costs are not recovered
- Market size shrinks
- Competitors introduce competing products
- Funding is cut
Communication
- Stakeholders do not receive sufficient communication
- Project sponsor/executives are not aware of project progress
- Regulatory authorities not contacted early enough
- Inspectors and contractors don’t get along
Procurement
- Insufficient vendors to get a good price
- Low quality of vendors
- Vendor’s contract introduces risk
- Vendor requires additional funds after contract signed
- Contractor goes bankrupt during project
- Contractor walks away
- Contractor does poor quality job
- Contractor performs unit price work without authorization
- Contractor does less work on lump sum bid item
Stakeholders
- Stakeholders delay project due to unmet concerns
- Stakeholders introduce additional cost or scope that was unknown at project planning stage.
- Stakeholders fight with each other
- Regulatory authorities slow to grant approval
- Regulatory authorities add cost – require additional studies, etc.
- Regulatory authorities do not approve project
- Stakeholders ignore project communications
- Stakeholder turnover
- Project sponsor/organization doesn’t approve of design
Project Cost
- Cost estimates are too low
- Costs of suppliers or equipment was not locked in
- Cost of supplies/equipment changes
- Manpower costs change
- Contractor payment/progress estimates incorrect
- Adminstrative and overhead costs underestimated
- Project ROI not as anticipated
- interest rates affect amortization of assets
- technological change improves cost structure of project
- WCB premium increase due to worker injury or fatality
Human Resources
- Unable to secure required project team.
- Insufficient funds to pay project team’s demands
- Project team turnover
- Organizational priorities remove project members
- Turnover of project sponsor or organization
- Worker injury
Other
- Corporate support for project disappears
- Meddling or micromanaging from corporate executives or project sponsors
