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Understanding the Different Types Of Risk in Project Management

Posted on September 19, 2022 By Lennon

No matter how hard you try, every project is subject to risk. However, failure does not have to be the result of risk. You can manage project risk with some planning and foresight before it becomes a problem.
Let’s look at the different types of project risks and then walk through the steps that you can use to identify, monitor and manage those risks in your projects.
What is project management risk?
Risk is a term used in project management to describe an event or situation that could have a negative impact on a project.
Although it is easy to assume that all risks are bad, these impacts can have a positive or negative impact on the project. It’s not about the outcome, but the uncertainty of factors that could cause your plan change, for the better or worse.
Different types of project risks
There are many types of risk involved in project management. How do you know which type of risk to look for in project management?
Let’s begin by defining the two broadest categories for project risk: internal and external.
Internal risks exist within your company and are easier to manage and mitigate.
External risks are situations outside your organization. They are usually beyond your control as a project manager or team leader.
What are the most common types?
After you have completed a few projects, you will notice that there are more risks to your project.
These are the three most common types of risk that you should be aware of when you manage a project.
Cost risk refers to anything that could affect your ability to stick with the project budget, regardless of whether it’s due to scope creep or unrealistic project estimates.
Schedule risk is any factor that could affect project deadlines. These could include unexpected delays in supply delivery, unexpected feature requests, or extended sick leave.
Project goals and outcomes are affected by performance risk. This could be due to a lack of stakeholder support or an overworked staff, or misaligned expectations.
You may also be exposed to other types of risk that could impact your projects
These aren’t all the risks associated with project management. These additional risk categories may be required depending on the type and size of project you manage.
Operational project risks are anything that can disrupt production or prevent a project from delivering. These are issues that your team or stakeholders create and can have an impact on project timelines and budgets.
Governance risk can affect leadership, decision-making, and the frameworks used for a project or business.
Strategic project risk can impact your ability to achieve organizational or project goals in the short and long term.
Market risk can affect your ability to finance a project or compete in the market.
Legal risk refers to the legal, contractual, and regulatory guidelines or consequences that your project or organization is exposed to.
External hazards are major events that are hard to predict or prevent. These include natural disasters and global pandemics as well as labor strikes and crime.
The easiest way to create a project plan
In just 10 minutes, you can create a beautiful project plan. You can switch between gantt and calendar views with a single click.
Get your free planMonitor and manage risk more easily
You can quickly spot issues and assess the project’s impact with a clear, flexible plan that is easy to create, share and track. In just 10 minutes, you can create a beautiful gantt charts!
Create your free planCreate your free plan5 risk management tips for your projects
It can be frightening to think about all the potential risks that could affect your projects. Let’s now discuss some simple steps you can take in order to reduce risk.
It is possible to eliminate all project risks. These tips and tools will help you manage risk more confidently.
1. Find alignment around pr

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