The project risks : Explained

In project mode, certain potential vulnerabilities specific to the project approach will be highlighted and addressed in a dedicated manner, within the framework of a particular independent approach called “project risk.”

Whether it’s IT projects, organizational, operational, industrial, or of any other nature, the assessment of risks associated with the project will need to be conducted in a dedicated manner. The major stages of a project, regardless of its nature, can be summarized as follows:

THE MAJOR STAGES OF A PROJECT

  1. STUDY
  2. PROJECT INITIALIZATION / LAUNCH
  3. DESIGN
  4. IMPLEMENTATION
  5. DEPLOYMENT
  6. OPERATIONAL EXPLOITATION

For each stage of the project mode, multiple risks will arise and threaten the successful execution of the project at hand. This occurs throughout the project process.

Too often, risks accumulate and either challenge the project itself or the initial interest of the approach, considering the additional costs associated with poor risk management of the project (opportunity cost, delays, additional resources, additional studies, resource mismatch to needs, etc.).

Without delving into too much detail, it should be noted that among the main “risk” dimensions to be considered in project mode are the following:

  • “HR” Risks: fundamentally, the success of any project will only be realized through the performance of the team and stakeholders driving it. The specific challenges of managing the required competence for the successful execution of the project and mastering the knowledge accumulated under the project are critical to control. Additionally, the behavioral dimension of the project stakeholders, particularly their ability to rally and maintain the commitment and motivation of those contributing to the project throughout its duration, constitutes a significant source of risks that should not be underestimated.
  • “Project Management” Risks: any initiated project must be effectively managed. Risks arising from poor project execution management or inadequate sizing of the resources necessary for its successful completion must be carefully studied. In particular, the issues associated with managing the activities of subcontractors will be critical.
  • “Planning Management” Risks: in project mode, mastering project scheduling is essential. Multiple risks can jeopardize the well-constructed plan for various reasons: inconsistent and unrealistic projections, tight deadlines marked in the execution of certain project phases, underestimation of the loads (and financial, human, and/or material resources to be mobilized) necessary for the successful completion of the project, etc.

Multiple other risks specific to the project at hand are also to be addressed. For example, the issues related to appropriate budgeting and the assured availability of skills to be mobilized within the project framework, the proliferation of sources of modification of initial specifications (sometimes with conflicting issues), the interdependence of project phases (blocking progress), the roles and responsibilities of actors (contracting authority, contractor, assistance to contracting authority, role confusion, etc.), subcontractor quality (result or means requirement), contractors (risk of failure during the project life), not to mention the technical, organizational, and/or operational risks associated with the project itself.

In project mode, risks are to be addressed in a dedicated manner, independently of existing approaches in the company. A project, beyond its relevance, is primarily a set of specific risks to be managed.

The risks of a project must therefore be addressed within a standardized, efficient, dedicated, and if possible, relevant methodological approach. The quality of execution, and even the successful completion of the originally initiated project, depends on it.

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