10/12/23, 5:17 AM Mitigating Project Risks | Lesson 7.

2: Introduction to Project Management | D322 Courseware | WGU-CGP-OEX

Introduction to IT

Section 7: The Business of IT

LESSON 7.2: INTRODUCTION TO PROJECT MANAGEMENT

Mitigating Project Risks

Learning Objectives
Define project initiation, risk and business impact analysis, risk mitigation, and
control.
List tools supporting protection and risk management.
Define scope creep.

Risks in execution, risks in integration, and

risks of the unknown are three broad
categories of risks a project may encounter.
These risks need to be considered during
project planning and monitored during
project execution to minimize their effect
on project completion.

Considering risks during the project

planning phase includes several steps:
1. Identify the risks
2. Analyze their impact on the project outcome
3. Prioritize the risks by severity and likelihood
4. Outline a mitigation strategy to minimize potential risks

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10/12/23, 5:17 AM Mitigating Project Risks | Lesson 7.2: Introduction to Project Management | D322 Courseware | WGU-CGP-OEX

5. Install monitoring systems for anticipated and unanticipated risks

Risks in execution typically revolve around budget, people, technology, equipment, and
Introduction to IT
stakeholder support. Issues that can deem a project unsuccessful include cost overrun,
insufficient staff, inadequate tools to support the project, and lack of support from
project stakeholders. Planning in advance is one of the best ways to mitigate risks of
Section 7: The Business of IT
execution.
LESSON 7.2: INTRODUCTION TO PROJECT MANAGEMENT
The outcome of a project will likely affect other systems and processes in an
organization. Risks of integration can be mitigated by assessing potential disruptions,
ensuring adequate support from stakeholders, and having a shared understanding of
the project’s complexity.

Two key strategies to successfully identify risks are frequent monitoring of project
parameters and milestones and sound communication between project participants.

Project risks take many forms and emerge for different reasons. Some of the most
common examples of project risks are listed here:
Scope creep—uncontrolled change of a project’s scope, typically adding tasks
and increased, unplanned costs to the project
Budget risk—budget control issues, such as underestimated or improper
allocation of cost
Resistance to change—departments and individuals resist organizational
changes resulting from the project
Resource risk—inability to secure sufficient resources for the project
Contract risk—a vendor fails to deliver on contractual obligations
Disputes or disagreements between project participants
Project dependencies—especially when completion of some tasks is dependent
on the completion of other tasks
Project assumptions risk—when assumptions about the project are invalidated
during project development
Benefit shortfall—the project meets the requirements but delivers fewer benefits
than outlined in the business case
Requirements quality risk—requirements have not been properly validated or
documented
Force majeure risk—the chance of a major negative event beyond human
control, such as a natural disaster

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10/12/23, 5:17 AM Mitigating Project Risks | Lesson 7.2: Introduction to Project Management | D322 Courseware | WGU-CGP-OEX

Introduction to IT

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Section 7: The Business of IT
LESSON 7.2: INTRODUCTION TO PROJECT MANAGEMENT

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