7.
Project Risks with Responses
Risk 1: Requirements not clearly defined
Mitigation: Organize workshops with stakeholders and prepare an approved BRD
(Business Requirements Document).
Contingency: Extend review cycles and update requirements through formal change
requests.
Impact: High
Probability: Medium
Priority: High
Risk 2: Delays in procurement of hardware/software
Mitigation: Place orders early and work with multiple vendors.
Contingency: Rent or borrow temporary equipment from alternative suppliers.
Impact: Medium
Probability: Medium
Priority: Medium
Risk 3: Key developer leaves the project midway
Mitigation: Prepare backup staffing plans and conduct cross-training within the
team.
Contingency: Hire temporary contractors and redistribute work among existing team
members.
Impact: High
Probability: Low
Priority: Medium
Risk 4: Critical defects discovered late during testing
Mitigation: Start QA early, including unit testing and test automation.
Contingency: Add an emergency sprint to fix issues and adjust deployment timelines.
Impact: High
Probability: Medium
Priority: High
Risk 5: Budget overrun due to underestimated costs
Mitigation: Add a 10% budget reserve and monitor expenses weekly.
Contingency: Request additional funding approval from the project sponsor.
Impact: Medium
Probability: Medium
Priority: Medium
Risk 6: Security vulnerabilities identified during development
Mitigation: Conduct regular code reviews and penetration testing.
Contingency: Apply urgent fixes and bring in external security experts if needed.
Impact: High
Probability: Low
Priority: Medium
Risk 7: Frequent requirement changes from the client
Mitigation: Define scope clearly and enforce a formal Change Request (CR) process.
Contingency: Adjust schedule and budget in accordance with approved CRs.
Impact: High
Probability: Medium
Priority: High