Rushing to market means risks are not identified or mitigated, and problems are not fixed. The risk project lifecycle (below), illustrates the concept that the chance of a risk occurring is more likely in the defining stage, but the cost is low. The chances of a risk occurring decreases through the project lifecycle but the cost to fix a risk event increases.

Using the risk project lifecycle, as illustrated above, explain the risk implications of rushing to market. Explain what strategies you would undertake to ensure that the cost to fix a risk event remains minimal

Figure 7.1 RISK PROJECT LIFE CYCLE Risk Cost High Cost to fix High risk event Chances of risks occurring Low Low Defining planning Executing Delivering Project life cycle