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    Business Analytics For Project Management: Risk in The Project Undertaken

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    jeganathan
    The document discusses risks in project management. The main risks identified are technological risks, scope and performance risks, and cost risks. The Covid-19 pandemic increased costs and timelines for the project discussed. Lack of funding can also trigger delays and quality issues. Support from stakeholders may decrease if projects fail to meet planned targets. Reliance on software like BIM without funds to renew licenses poses catastrophic risks if entire projects are planned on such platforms.

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    Business Analytics For Project Management: Risk in The Project Undertaken

    Uploaded by

    jeganathan
    18 views3 pages
    The document discusses risks in project management. The main risks identified are technological risks, scope and performance risks, and cost risks. The Covid-19 pandemic increased costs and timelines for the project discussed. Lack of funding can also trigger delays and quality issues. Support from stakeholders may decrease if projects fail to meet planned targets. Reliance on software like BIM without funds to renew licenses poses catastrophic risks if entire projects are planned on such platforms.

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    Business analytics1

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    The document discusses risks in project management. The main risks identified are technological risks, scope and performance risks, and cost risks. The Covid-19 pandemic increased costs and timelines for the project discussed. Lack of funding can also trigger delays and quality issues. Support from stakeholders may decrease if projects fail to meet planned targets. Reliance on software like BIM without funds to renew licenses poses catastrophic risks if entire projects are planned on such platforms.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    18 views3 pages

    Business Analytics For Project Management: Risk in The Project Undertaken

    Uploaded by

    jeganathan
    The document discusses risks in project management. The main risks identified are technological risks, scope and performance risks, and cost risks. The Covid-19 pandemic increased costs and timelines for the project discussed. Lack of funding can also trigger delays and quality issues. Support from stakeholders may decrease if projects fail to meet planned targets. Reliance on software like BIM without funds to renew licenses poses catastrophic risks if entire projects are planned on such platforms.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Business analytics for project management

    Risk in the project undertaken

    1
    The main risk in our project was the technological risk, scope and performance risk. As the

    project crosses the time schedule due to the covid-19 second wave in India, it has increased

    the cost of the project, this also has led to associated risk in meeting with the objectives of the

    business, as the business requirement is to complete the project on time. The resultant

    justification of the project continuity, due to the lack of labour and the resources like

    construction material leads to increase in the cost associated as the raw materials cost mostly

    increase over time period. Thus, the planned valuation of the budget for the project is crossed

    by the actual spending. The undone site is always a threat as the steel bars and the

    foundations are damaged by the natural calamities. This leads to risk of damages, accidents of

    the people entering into site unknowing of the conditions after the long time. These issues

    decrease the quality of the site and the overall project. Hence on the final completion the

    valuation of the project is lesser for the owner of the site (Project Management Institute,

    2018).

    Other major issue affecting the project in this case is the cost risk which leads to halting the

    project or the purchase managers have to compromise and use low ingredients to complete

    the project. This has huge impact on the quality factor and these buildings are under risk of

    accidents, less endurance to earth quakes or other natural calamities. Hence the internal

    people focus would be is to stick to the base line budgets and this is common risk in

    contracted projects or sub contracted projects. The contractors fail to communicate the risk to

    the client or in certain cases the clients only want to stick to the base line budget. Thus, the

    risks all have dependencies on each other and one risk can trigger the other form of risk

    leading to loss for the firm. Lack of funds would trigger the time schedule risk causing the

    delays in the project and also lead to quality and performance risk (Junior, Roque &

    Carvalho, 2013).

    2
    Lack of support from the key stakeholders

    The lack of support from the key stakeholders at times is less when the project fails to

    progress within the planned values. In such situations they lead to lack of support and the

    investments or the funds from the project investors would witness delays. This leads to

    overall cost cutting and poor flow of cash contributes to failure of the goal attainment.

    Finally, they also lead to poor performance of the overall project leasing to complete stage of

    failure (Larson, & Gray, 2011).

    The current issues of Covid-19 is a classic example for the incremental risk, as the uncertain

    situations and the lockdown situations have complete threat on the progress of the project.

    They affect the future as the frequent lockdowns, increase the cost, time and poor quality

    summing up in the increments. Over a longer run the incremented values of the time delays,

    increase in the cost and the quality gaps sums up to cause huge threat to the project.

    Catastrophic risks

    Similarly major dependency on the BIM software and the lack of funds due to the current

    situations has posed threat to use the software as the renewal fees is high. For the SME’s

    these catastrophic risks leads to heavy loss as entire process of planning is performed only

    this software and the sudden issues in the funds affects the entire project, performance, work

    flow scheduling, cost controlling, planning, designing and all the aspects of the project are

    taken care by BIM.

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