Risks can occur as a result of both known risks,such as for newer tasks there may be a learning curve that causes delays in the delivery of a task, and unknown risks, such as events like an earthquake or tsunami. Also, some suggest that they take calculated risks, where careful consideration is taken before taking on a challenge. Risk management, in essence, is doing the same thing in a more formalized process. The discussion assignment for this week will be an evaluation of how risk management can be a contributor versus an inhibitor to a project.
The following Discussion Board task will assist you in evaluating various types of risk. Research at least 2 sources (which may include your textbook) to support your response.
Describe a project that you were involved with, or are familiar with, and the types of risks (at least 5) that occurred.
How were these risks handled or mitigated?
When the risk occurred, what impact did it have on the overall project, such as from a cost and schedule-deadline perspective?
If a risk management process was not in place, explain why it may have helped. If a process was in place, did it help, and why?