In project management, success hinges on how well risks are handled. No matter the project’s size or intricacy, uncertainties can crop up and throw things off course. That’s why it’s crucial for project managers to not just spot risks, but to act ahead by putting in place strategies to counter them. In this blog, we’ll dig into why project risks matter, go over typical types and share tips to keep your project on track. 

Frequently Encountered Project Management Risks 

In terms of pushing a project forward, risks cover anything that could throw a wrench in your goals and come from all sorts of places, including but not limited to: 

• Scope Creep: When your project’s scope slowly grows beyond what was initially planned, such as an addition of functionalities or expansion of the target user list, which can increase costs, delay timelines and strain resources. 

• Resource Constraints: Not having enough human, financial, or material resources allocated, which then lead to bottlenecks and inefficiencies. 

• Technological Limitations: Dealing with challenges such as finding the right way to implement your desired solutions, and the population of new technology can make your project hard to progress. 

• Stakeholder Conflicts: When project stakeholders clash over interests, leading to breakdowns in communication and decision-making, or unalignment in future actions. 

• External Factors: Unforeseeable and uncontrollable external issues such as market shifts, regulatory tweaks, geopolitical unrest or natural disasters that inevitably affect the prospect of your project. 

Mitigation Strategies

To tackle these risks effectively and keep your project on track, you need to plan ahead and stay sharp. Here are some practical strategies that Unifii’s project management team leverages on a day-to-day basis to help our customers nip any potential risks in the bud. 

• Risk Assessment to Start: A comprehensive risk assessment right at the start of your project is more than necessary. Get everyone involved – stakeholders, specialists, and team members – to spot any potential or predictable threats and weak spots. Draft response plans accordingly to minimise negative impact. 

• Transparent Communication: Keep the communication lines open at every stage of your project which can help manage expectations, prevent conflicts, and keep everyone in the loop on milestones, risks, and how the team’s handling them. 

• Agile Approach: Find your choice of agile methods like Scrum or Kanban to stay flexible. Break your project into bite-sized chunks for easier management and adaptability. That way, you can tweak things as needed based on feedback and changing circumstances. 

• Plan Bs: Always have a backup plan ready. Think in advance about what could go wrong and have strategies in place to handle it, not just at the very start when you perform the risk assessment, but throughout the whole project. Whether it’s setting aside extra time or budget, having a safety net can save the day if things go sideways. 

• Keep Watch and Act: Don’t just set and forget. Keep a close eye on how your project’s doing, looking out for any warning signs of trouble, and make sure to let everyone know. When you spot something, act fast to tackle it head-on before it worsens. Regularly update your risk plans to match the evolving project landscape. 

At Unifii, we see every project as a chance to blend technology with our customers’ strategic visions. We go beyond mere technical solutions, offering top-notch project management support services coupled with in-depth product knowledge. Our goal is to ensure that the technical aspects align seamlessly with our customers’ business needs, leaving no room for turbulence. 

Project Management and Business Change 

While Project Management takes care of strategic goals and delivers valuable solutions, it’s important to recognise the role of Business Change in handling the people side of things, like ensuring a smooth adoption of project outcomes by the broader team. Business Change is itself a topic way too big to be covered in a paragraph, so we won’t spend too much time here introducing that to you. (Wait for our upcoming blog dedicated specifically to it though!)  

In essence, Change Managers support the impacted users to be aware of and understand any upcoming change, such as improved processes, organisational shifts, or new technology adoption. Unifii does this via our tried and tested Business Change framework and extensive toolkit, underpinned by our 8 core themes, supporting your team with their training needs, cultural immersion, and tailored leadership support. 

Considering Business Change, especially if you’re expecting a significant business change soon, can offer clearer visibility into your project’s progress and how it’s being received by your team so that you can take the right action at the right time. 

Conclusion 

Risks are inevitable in projects, but with careful planning and forward-thinking, their impact can be minimised. We hope our insights shed some light on how you can handle your project hurdles. 

If you need any help in project or change management, drop us a line and our specialists will be in touch very soon. Keep an eye out for more helpful content on business change coming your way!