Information Technology Evaluation and Implementation
Project Risks

Project risk involves understanding potential problems that might occur on the project and how they might impede project success. According to Fuller et.al (2008), “Project risk is an uncertain event or condition that, if it occurs, has a positive or a negative effect on a project objective.”
There are many sources of risk that a project may come upon during the project whether it was foreseen or not. Some of the more common sources of risk are those that often overlooked in most projects; lack of determining the project scope, unforeseen costs estimates, unrealistic timelines, and lack of leadership overview.
Risk management is the main solution to protect against risks. The goal of project risk management is to minimize potential risks while maximizing potential opportunities. Risk management can be broken into six categories; Risk management planning, risk identification, qualitative risk analysis, quantitative risk analysis, risk response planning, and risk monitoring and control. * Risk management planning is deciding how to best approach and plan the risk management activities for the project * Risk identification determines which risks are likely to affect a project and documenting their characteristics * Qualitative risk analysis characterizes and analyzes risks and then prioritizes their effects to project objectives * Quantitative risk analysis is measuring the probability and consequences of risks * Risk response planning is taking the appropriate steps to enhance opportunities and reduce threats to meeting project objectives * Risk monitoring and control monitors known risks, identifying new risks, reducing risks, and evaluating the effectiveness of risk reduction
While a company might not be able to plan for every possible risk,