Risks 1. Technology hazard The technology component of project management is a complicated deliverable due to the rapid emergence of new and cutting-edge technologies. Data security, organizational services, compliance, and information security are all seriously threatened by a project's technological components. Technology-related risks are more difficult to manage because installing new IT systems frequently necessitates training new staff members and purchasing new software. 2. Risk of communication When you are in control of a project, you must closely adhere to a key work ethic called effective and prompt communication. Organizing meetings with stakeholders, such as project donors, enables you to keep track of developments, reassign tasks, and promote a strong sense of teamwork. 3. Risk of scope creep Unauthorized and uncontrolled changes to the project's original intended scope may result in the need to pay more for extra features, goods, or services. Nearly all projects run the danger of this, and occasionally it presents an insurmountable problem because some of the extra functions are crucial to the project and necessary for its success. 4.Amount Risk The project's success could be jeopardized by a lack of cash or poor financial management brought on by an overly ambitious budget or other restrictions. The risk may migrate to other operations and labor segments if the project cost exceeds the allocated money. The decrease in funds could also have an impact on the incidence of a scope risk. 5. Operational hazard Poorly implemented vital operations and fundamental processes, such as production or procurement, may cause a project to stagnate or end. A loss could be experienced directly or indirectly as a result of inadequate or unsuccessful qualitative, quantitative, or strategic efforts. 6. Safety and health risk One form of risk that can jeopardize a company's compliance standards is health and safety. A company's health and safety standards should be continuously examined and monitored to spot any potential dangers that could cost it money or get it in trouble. 7. Resource risk: skills Utilizing internal personnel is a project risk that could be high since internal personnel may be required to attend when project activities are staggered in distinct waves at different sites. Wave overlap develops into a possible source of anxiety. 8. Risk to performance A project has a perceived performance risk when the planned results are unlikely to be realized. The risk naturally affects the business's overall performance. 9. Market hazard Market risk is likely to manifest itself when a project doesn't achieve the expected results. The advantage could be used by rivals to bankrupt the company and drive it out of business. Commodity and international market fluctuations could also pose a danger to the project's early 10. risk from external dangers A prospective risk is an uncontrollable unfavorable event that is likely to occur. These dangers can take many different shapes and forms, such as terrorism, earthquakes, vandalism, storms, floods, and civil upheaval. Use a probability and impact matrix to determine the probabilities of occurrence and potential impact rankings of your risks. Ranks the risks in order from largest severity to lowest severity levels and indicate if each risk is positive (opportunity) or negative (threat). Qualitative Risk Analysis Probability Threats Opportunities Probability Very High 90% Very High 90% High 70% High 70% Medium 50% Medium 50% Low 30% Low 30% Very Low 10% Very Low 10% Negative Impact Positive Impact Very Low 10% Low 30% Medium 50% High 70% Very High 90% Very High 90% High 70% Medium 50% Low 30% Very Low 10%