Respond to the following with a minimum of two hundred words

Risk can come in many forms and sometimes each risk factor is just a symptom of another risk factor. Risk factors like budget creep could result from too many customer change requests; the multiple requests could also result from communication issues between the product owner and stakeholders.

-Budget Creep:This risk factor can happen when being too optimistic about cost and time which can result in going over budget when not enough funds have been set aside for the project or the deadlines were too hopeful and not enough time put into the schedule. Being realistic and having factual data to back up the budget and timeline can help mitigate the risk of budget creep.

-Customer Change Request:Change requests are a standard part of the project management process, and when used sparingly lead to successful projects. While they have their place in the project's life cycle, too many change requests can hinder the established timeline and may affect the predetermined budget. To help mitigate this establishing a change request form and process allows for clear communication and appropriate approval. Setting time aside with clients and team members to discuss the proposed changes allows for everyone's input to be heard and expressed.

-Communication Issue:The most common risk factor in a project; communication issues can lead to a mismanaged budget, timeline, and important updates not being made aware. If the project manager does not make the product owner aware of setbacks or budget restraints the product owner will not be able to notify the stakeholders and this may result in less financial support or needless worry when updates are short in length and depth. To mitigate this; having clear lines and a hierarchy is important to establishing good and proper communication. Designate "team leaders" or "section heads" to give updates on their portion of the project.