BRITISH UNIVERSITY COLLEGE EI MYAT PAN 16.2.

2023

PROJECT MANAGEMENT INDIVIDUAL ASSIGNMENT

[ COS 101]
Lecturer – Daw Su Su Hlaing ( suhlaing11194@gmail.com)

Assignment by Ma Ei Myat Pan ( eimyatpan28@gmail.com)

Student ID - 01014

FEBRUARY 16, 2023

british university college

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BRITISH UNIVERSITY COLLEGE EI MYAT PAN 16.2.2023

Contents

Individual Essay (Ei Myat Pan).....................................................................................................................1

Task 8...........................................................................................................................................................1
Potential Risks and Project Risk Management.........................................................................................1
Contingency Plans for this Project, As a project manager........................................................................2
References...................................................................................................................................................3

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BRITISH UNIVERSITY COLLEGE EI MYAT PAN 16.2.2023

Individual Essay (Ei Myat Pan)

Task 8
Potential Risks and Project Risk Management

Risk is, according to the dictionary, the potential for harm or loss. In order to reduce
project risk, it is important to recognize the issues that can arise and how they might block
project achievement. Investing in risk management is similar to purchasing insurance. Project
risk management is the technique and science of identifying, assigning, and managing with risk
during the project's life cycle while ensuring that project objectives are achieved. Project risk
management is routinely ignored, yet it can enhance project outcomes by supporting in the
identification of excellent projects, identifying the project scope, and creating reasonable
estimates.
As a project manager leading this project, many kinds of potential risks can be faced in
this. project. Project risk is a challenge or problem that may occur or not during project. It can
affect negative or positive impacts on this project’s scope. Project risk management’s goal is to
minimize potential risks while maximizing potential opportunities.
Common types of project risks are:
1. Technology Risk
Given the rapid advancement of modern and cutting-edge technologies, the technological
component of project management is a complicated task. An important risk to data security,
organization services, accountability, and information security is provided by a project's technical
components. Technology-related risks are more difficult to manage because upgrading IT
systems frequently involves new staff training and software purchases. Other technology
hazards, like service outages, could lead to delays and project failure.
2. Communication Risk
Effective and timely communication is a significant work ethic that you must strictly
observe when you are in charge of a project. Organizing meetings with stakeholders, such as
project donors, enables you to keep track of developments, reassign tasks, and promote a strong
sense of teamwork. With all the communication tools and channels at our disposal, team
members occasionally overlook the essentials of efficient communication, which can result in
data loss or disinformation, project disruption, and other problems.
3. Scope Creep Risk
Illegal and unmanaged modifications to the project's original purpose scope may result in
the requirement to pay extra for advanced features, goods, or operations. Usually, all projects

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encounter the this risk, and occasionally it provides an impossible task because some of the extra
functions are crucial to the project and essential to its success.

4. Cost Risk
The accomplishment of the project could be endangered by a funding lack or inefficient
management based on by an overambitious budget or other limitations. When a project's cost
exceeds its financial budget, the risk may migrate to other operations and population sections. A
scope risk could also take place as a result of the finances becoming restricted.
Contingency Plans for this Project, As a project manager

Contingency plan is a plan for “what if” process that can ruin the project implementation.
As a simple example, contingency plan is to back up all related website data if a website is being
hacked. If this happens, it is easy to restore all data after regaining access and changing security
passwords. Main purpose of contingency plan is to assist this software program management to
rapidly continue as normal processes following an abnormal incident.
1. Identifying the Risks
Establish and discuss a list of all potential hazards that could disrupt the project. Organize
a series of brainstorming sessions to make sure the main stakeholders are informed of the
project's goals and design. The meetings' final report should detail all possible types of danger.
2. Prioritizing and Reporting the Risks
Identify and implement a realistic contingency plan for the risk that can lead to the
greatest loss because the risks have different effects on the project. It is essential to configure a
rating and rate the risks so that an in-depth conversation with the project steering committee may
focus on the hazards that represent the greatest risk. A platform for responsibility is provided by
reporting the risks, which also enables the project managers keep track of every activity.
3. Linking Possibility of Each Risk with Its Impact
A moderate, medium, or severe impact can be caused by each risk. An impact difference
in value possibility matrix might be created by your team. A decision-making tool like this
matrix or application will help in evaluating the possibility of hazard against its impact and in
establishing appropriate measures. In order for organization to manage supervise project
operations, it is necessary to link a risk to its possible impact. This helps in providing a road map
to the implemented project.
4. Developing and Cultivating Responses to the Risks
By implementing a project risk response strategy, you can either eliminate a risk from
realizing or minimize its negative impacts in the situation that it is unavoidable. To verify and

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ensure that possibilities to resist a possible threat are not wasted, it is also important to regularly
evaluate and analyze the risks.

5. Having a Contingency Plan for Each Risk

The team must be prepared with a quick and efficient emergency plan in case a risk
material prepared. The strategy should minimize existing damage, prevent it from occurring and
avoid the issue from growing. Provide all stakeholders in the development and execution of a
contingency plan. by searching for the following scenarios:
 How to decrease risk's probability
 How to handle risk if it suddenly appears
 How to take advantage of a risk's opportunities efficiently

6. Recording and Tracking Risks Alongside their Associated Tasks

The management can keep track of potential risks by capturing the hazards in the context
of the tasks or procedures they are associated with. The identified risks must be noted in the risk
management plan and managed to keep on the project's host computer the rest of the time. It is
simple to analyze each potential risk and create a solution because each task may have a separate
person to supervise. The records also allow the stakeholders a way to concentrate on the current
state of the project's progress.
(Indeed Editorial Team, n.d.)

In conclusion preparing a Contingency Plan can fix problems from this project. This also
provides an opportunity for the project manager to track and evaluate how effectively
instructors or employees of the software development team are applying updates.
Word Count = 1040.

References
Indeed Editorial Team, n.d. Career Guide. [Online]
Available at: https://www.indeed.com/career-advice/career-development/project-risks
[Accessed 31 May 2022].

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