In this way, it will be able to control the risk of mismanagement and inefficient utilization of organizational resources (Velcu, 2010).
5.2: Risks in the Projects
5.2.1: Risk Identification, Types, and Analysis:
The biggest risk in this project is the cost risk, i.e. The company may underestimate the required financial resources for this project. This risk cannot only bring the company under financial difficulties, but also spoil its relationships with the vendors, contractors and sub-contractors, and consultants. The cost risk may also arise if the project management team fails to estimate the scope creep of the project (Nagarajan, 2005). Another type of risk in this project is the scheduling risk, i.e. The project management team may not be able to complete the project within the allocated time. If any of the activities takes greater time than the estimated time, all the subsequent activities can be affected which results in late completion of the whole project (Schwalbe, 2010). This risk also arises when the engineers or technicians find errors in the implementation of the system. Thirdly, the company's management may observe poor performance of the employees in the initial few months due to their non-familiarity with the system (Cooper, Grey, Raymond, & Walker, 2004).
5.2.2: Risk Analysis and Management Strategies
In order to proceed with the project implementation process in a cautious and effective way, the project management team will have to analyze the intensity and possible consequences of these risks before they hit the company. On the basis of this analysis, the team will have to design strategies to minimize or mitigate these risks. Firstly, the cost risk can be analyzed by carefully preparing the estimated expenses of all the activities of the project and weighting them against the available financial resources. This analysis will give them an idea that whether the company should proceed with the implementation or should wait for some period to arrange sufficient finance (Xue, Liang, Boulton, & Snyderc, 2005).
Secondly,...
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