Risk Factor Identification for projects

Risk Factor Identification

There are a number of risk factors that may cause project failure, and the project team must be aware of these, and seek to correct them to ensure continued success of the project. They are:

1. Unclear objectives: when goals are not set and the specific tasks for achieving them are not laid out, exactly what needs to be done will not be known, and how to do what needs to be done will also not be known. This will lead to confusion about tasks and responsibilities, and some of the following problems.
2. Poor planning or lack of planning: this will lead to time, cost and people problems in various (if not all) stages of the project, eg. critical tasks may remain incomplete, and lack of resources may occur. Budgets and proper scheduling of tasks should be done and adhered to at all stages of the project, to ensure that the required activities are being carried out within the specified money constraints.
3. Lack of resources: resources are time...