{"id":17089,"date":"2019-03-12T10:40:41","date_gmt":"2019-03-12T10:40:41","guid":{"rendered":"https:\/\/www.proprofs.com\/c\/?p=17089"},"modified":"2026-05-29T06:05:23","modified_gmt":"2026-05-29T06:05:23","slug":"common-project-risks","status":"publish","type":"post","link":"https:\/\/www.proprofsproject.com\/blog\/common-project-risks\/","title":{"rendered":"What Are Project Risks &#038; How to Combat Them Through Risk Management"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Imagine this:<strong> <\/strong>Your team is halfway through the new software project that your company worked so hard to secure. Now, with less than 48 hours left, you get a call from the client.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>What could possibly go wrong?<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Well, the client wants to tweak the app UI into something that was never discussed in the initial blueprint\u2014a complete redesign is required\u2014and that too within the same deadline! <em>(Wait, what?)<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, if you\u2019re the manager in charge, needless to say, all hell breaks loose. So yes, project risks are real <em>(even when you think everything\u2019s under control)<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this blog, we will discuss how to tackle such unanticipated risks with project <a href=\"https:\/\/www.proprofsproject.com\/blog\/risk-management-plan\/\">risk management plans<\/a> and a software solution.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>New here? Check out the video below to get started with project management &#8211;<\/strong>&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"What Is Project Management? How to Manage Projects Online With ProProfs Project\" width=\"1120\" height=\"630\" src=\"https:\/\/www.youtube.com\/embed\/hCXIif5dCV8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy ez-toc-grey\">\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.proprofsproject.com\/blog\/common-project-risks\/#What_Are_Project_Risks\" title=\"What Are Project Risks?\">What Are Project Risks?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.proprofsproject.com\/blog\/common-project-risks\/#6_Popular_Risk_Management_Strategies\" title=\"6 Popular Risk Management Strategies\">6 Popular Risk Management Strategies<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.proprofsproject.com\/blog\/common-project-risks\/#What_Are_the_3_Types_of_Project_Risks\" title=\"What Are the 3 Types of Project Risks?\">What Are the 3 Types of Project Risks?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.proprofsproject.com\/blog\/common-project-risks\/#How_Do_You_Use_Risk_Management_Software_to_Prepare_Your_Team\" title=\"How Do You Use Risk Management Software to Prepare Your Team?\">How Do You Use Risk Management Software to Prepare Your Team?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.proprofsproject.com\/blog\/common-project-risks\/#Combat_Project_Risks_With_Effective_Risk_Management_Software\" title=\"Combat Project Risks With Effective Risk Management Software\">Combat Project Risks With Effective Risk Management Software<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.proprofsproject.com\/blog\/common-project-risks\/#Learn_More_About_Project_Risk_Management\" title=\"Learn More About Project Risk Management\">Learn More About Project Risk Management<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_Project_Risks\"><\/span>What Are Project Risks?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Project risks are uncertain events that can negatively impact your project&#8217;s objectives. Whether it\u2019s a delay in delivery, a budget overrun, or a sudden change in project scope, these risks can compromise a project&#8217;s quality, timeliness, and financial viability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But then, you may ask &#8211; <strong><em>Are project risks the same as project issues?<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Well, not exactly. You see, a project may run into an issue at any time. Issues are more likely to be anticipated problems that usually have a Plan B. You can\u2019t say the same for risks \u2013 they come out of the blue and are unanticipated.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hence, to deal with risks, you must have <strong>definite risk management strategies<\/strong> and be willing to lead the project to success.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Popular_Risk_Management_Strategies\"><\/span>6 Popular Risk Management Strategies<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>\u201cThe key to risk management is never putting yourself in a position where you cannot live to fight another day.\u201d<\/em><\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2013 Richard S. Fuld Jr., American Banker.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Effective project risk management strategies are essential for mitigating the adverse effects of uncertainties. Here are 6 widely recognized strategies to manage project risks, with practical examples &#8211;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Identification<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The first step is to identify potential risks. Analyze past challenges and lessons learned.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Were there budget overruns due to underestimating resource requirements? Perhaps communication breakdowns between teams led to delays. By incorporating these historical insights, you can anticipate potential pitfalls that might otherwise blindside your current project.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Now, let\u2019s help you understand with the help of an example &#8211;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Suppose you\u2019re working on a software development project. During brainstorming, your team identifies potential technical challenges, such as integrating with a complex third-party library or encountering compatibility issues. Resource limitations can also be a concern.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By proactively identifying these risks, you can develop mitigation strategies.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These strategies can include allocating additional time for <strong>integration testing<\/strong>, <strong>securing training for specific skill gaps<\/strong>, or considering <strong>outsourcing certain functionalities<\/strong>.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>Read More: <a href=\"https:\/\/www.proprofsproject.com\/blog\/project-management-problems\/\">Common Project Management Challenges &amp; How to Address Them<\/a>&nbsp;<\/strong><\/pre>\n\n\n\n<h3 class=\"wp-block-heading\">Avoidance<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Avoidance is not about saying \u2018NO\u2019 to the client<\/strong> because your project manager instincts have suddenly kicked in \u2013 and somehow, you expect the project to get your team in trouble, surely!&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jokes apart, avoidance involves altering your project plan to eliminate a potential risk or protect the project&#8217;s objectives from its impact. <strong>In simple words,<\/strong> if there\u2019s a risk of a critical component delivery being delayed, you might choose a local supplier over an international one to avoid potential shipping delays.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unless the client&#8217;s specifications are strict, project managers usually make some changes to ensure the project avoids risks and stays on track.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mitigation<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">What happens to the damage that cannot be avoided or prevented? Well, you need to find a way to mitigate it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>\u201cThe goal of risk mitigation is not to eliminate threats. Rather, it focuses on planning for inevitable disasters and mitigating their impact on business continuity.\u201d<\/em><\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2013 IBM<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mitigation seeks to reduce the likelihood or impact of a risk. Suppose your project relies on a new technology your team is unfamiliar with. To mitigate this risk, you could conduct training sessions using an <a href=\"https:\/\/www.proprofstraining.com\/\"><strong>LMS software system<\/strong><\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"What Is a Cloud-Based Learning Management System (LMS)?\" width=\"1120\" height=\"630\" src=\"https:\/\/www.youtube.com\/embed\/AWH1xx2A24s?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<div class=\"banner-btn newuishow \"><a class=\"round_btn try-btn\"href=\"https:\/\/www.proprofs.com\/training\/register\/\">Try For Free<\/a>\n\n\n\n<p class=\"wp-block-paragraph\">This will ensure the team is up to speed, thereby reducing the chance of delays due to a learning curve.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One common thing I keep hearing is \u2013 <strong><em>What should I do if the risk is due to the client itself?<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Well, that can happen for different reasons. <strong>One common example<\/strong> would be if there is a risk of project delays due to potentially slow client approvals. You can mitigate this by scheduling regular update meetings with the client to expedite decision-making processes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Acceptance<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>\u201cMake the choices that make you nervous. If you make the choice that\u2019s the easy way out, that wasn\u2019t the big vision or big choice to make.<\/em><\/strong><em>\u201d<\/em>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2013 Eileen Burbidge, Founding Partner, Passion Capital.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sometimes, avoiding or mitigating certain risks might be impossible or not the most cost-effective option. What do you do in such cases?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Well, I think it\u2019s more practical to simply accept such a risk than to spend resources trying to avoid or mitigate it.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>For example,<\/strong> if there is a minor risk of delays in delivering a non-critical part of the project, the team may choose to accept it without action, considering the low impact. However, that only applies if you think the risk has a very low likelihood of impacting the project\u2019s success.<\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"5\"><li>Transference<\/li><\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>WAIT!!!<\/strong> Is there a way you can literally transfer <em>(like, throw away)<\/em> your project\u2019s risks to someone else?<\/p>\n\n\n\n<div class=\"tenor-gif-embed\" data-postid=\"24122844\" data-share-method=\"host\" data-aspect-ratio=\"1.50235\" data-width=\"100%\"><a href=\"https:\/\/tenor.com\/view\/not-really-beverly-mixtape-nah-not-exactly-gif-24122844\">Not Really Beverly GIF<\/a>from <a href=\"https:\/\/tenor.com\/search\/not+really-gifs\">Not Really GIFs<\/a><\/div> <script type=\"text\/javascript\" async=\"\" src=\"https:\/\/tenor.com\/embed.js\"><\/script>\n\n\n\n<p class=\"wp-block-paragraph\">You know, certain terms can be deceiving. So, let\u2019s get clarity into what <strong>\u201crisk transference\u201d<\/strong> means.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s a simple definition from the<strong> <\/strong><a href=\"https:\/\/www.projectmanagement.com\/wikis\/233513\/transference#_=_\"><strong>Project Management Institute (PMI)<\/strong><\/a><strong> &#8211;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>\u201cTransference of risk involves shifting of the consequence and impact of the risk to a third party. This can include the use of insurance, as well as performance bonds, warranties, guarantees, or fixed price contracts.\u201d<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But here\u2019s the thing\u2014<strong>risk transference doesn&#8217;t eliminate the risk itself<\/strong>; it simply transfers the responsibility of managing it (and potentially the financial consequences) to another party. Therefore, carefully evaluate the cost-effectiveness before implementing such a strategy.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Escalation<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Let&#8217;s say you identify a critical legal compliance issue during your software development project that requires significant design changes.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This poses a high-impact risk to the project&#8217;s timeline and budget. While your team can develop mitigation strategies to address the issue, senior management might decide how to proceed (e.g., delaying the launch, seeking legal counsel, etc.).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Through risk escalation, you formally document the risk, its potential impact, and proposed mitigation strategies and then elevate it to the appropriate decision-makers for timely intervention. This ensures critical risks receive the necessary attention and resources to minimize their impact on the project.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_the_3_Types_of_Project_Risks\"><\/span>What Are the 3 Types of Project Risks?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Project risks can be categorized into three main types: <strong>known<\/strong>, <strong>unknown<\/strong>, and <strong>unknowable<\/strong>. Understanding these categories helps project managers prepare and respond effectively. Here\u2019s a closer look at each type with practical examples:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Known Risks<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">These are risks that have been identified, analyzed, and understood during the <a href=\"https:\/\/www.proprofsproject.com\/blog\/project-planning-guide\/\"><strong>project&#8217;s planning phase<\/strong><\/a>. Known risks are predictable and can often be managed proactively.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>I\u2019ll give you an example to help you understand &#8211;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a construction project, known risks might include delays due to weather conditions. Since weather patterns can be forecasted to some extent, project managers can plan for these delays by building buffer time into the project schedule.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Unknown Risks<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">These are risks that were not identified during the planning phase but are still likely to occur based on past project experiences. Although these are unpredictable, they are generally understood to be possible.<\/p>\n\n\n\n<div class=\"tenor-gif-embed\" data-postid=\"20615111\" data-share-method=\"host\" data-aspect-ratio=\"1\" data-width=\"100%\"><a href=\"https:\/\/tenor.com\/view\/what-does-that-even-mean-arun-maini-mrwhosetheboss-im-so-confused-i-dont-get-it-gif-20615111\">What Does That Even Mean Arun Maini GIF<\/a>from <a href=\"https:\/\/tenor.com\/search\/what+does+that+even+mean-gifs\">What Does That Even Mean GIFs<\/a><\/div> <script type=\"text\/javascript\" async=\"\" src=\"https:\/\/tenor.com\/embed.js\"><\/script>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>For example,<\/strong> an unknown risk could be the sudden resignation of a key team member. While the exact timing and individual cannot be predicted, project managers can prepare for such eventualities by cross-training team members or having contingency plans in place to quickly fill critical roles.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Unknowable Risks<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>\u201cUnknowable risks are \u201cblack swan\u201d events\u2014that is, those that cannot be identified in advance.\u201d<\/em><\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2013 CFA Institute.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Quite naturally, these risks are impossible to predict or prepare for. While they are typically rare, unknowable risks can have significant impacts when they occur.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I mean, who could have predicted a natural disaster like an earthquake or something like a COVID-19 pandemic? These events can disrupt supply chains, halt project progress, and require a complete re-evaluation of project timelines and resources.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Do_You_Use_Risk_Management_Software_to_Prepare_Your_Team\"><\/span>How Do You Use Risk Management Software to Prepare Your Team?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Modern projects often employ <a href=\"https:\/\/www.proprofsproject.com\/blog\/best-risk-management-software\/\"><strong>risk management software<\/strong><\/a> to streamline and enhance the effectiveness of their risk management processes. Here\u2019s how you can utilize such a software solution &#8211;<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Risk Identification:<\/strong> Here, you use the software&#8217;s collaborative features, like tagging users, adding task comments, file sharing, etc., to facilitate brainstorming sessions with the team and capture potential risks in one location.<\/li><\/ol>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXdtwB3XIZsQM_WubWTXZAPKf_IXMgNVKSCm7ZKgy7g9v9X-mqK2dhizTFwgEW8xObcO1KD9VVd94I30oBSRFmQyhu4RLRb067HW13zkh0y9qUgLSNtkXGMOlYXi4WR09w1RF-S2Qtr_F9f92aaMcx6bw3bu?key=UprYumKVkT7ZUfPi3LQuZw\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>(Image source: ProProfs Project)<\/em><\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"2\"><li><strong>Determine the Likelihood and Impact of the Risk:<\/strong> Once risks are identified, the software can help analyze the likelihood of each risk occurring and its potential impact on the project.<\/li><li><strong>Find Solutions for Each Risk:<\/strong> Utilize the platform&#8217;s discussion boards to brainstorm mitigation strategies and assign action items to team members.<\/li><li><strong>Monitor Your Risk Assessment Regularly:<\/strong> Leverage the software&#8217;s <a href=\"https:\/\/help.proprofsproject.com\/reporting\"><strong>reporting<\/strong><\/a> tools to track the status of each risk and monitor its likelihood or impact as the project progresses. Schedule regular reviews within the platform to update mitigation plans and ensure their effectiveness.<\/li><\/ol>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXfn3v8OAjYKcyJDm-o54wCzIRO5v86N8Ydo4tyPpe9e7J7iUho6c59EnYZLUSz1rGWXLQX_qTNUFH6Pnm_2Y5GyRoVOz5rRhXs8pbK18OAzKoijthv5NP6DE84P_7Yr0SpDz0ClLZLUB0zGVOa6TEQ1BCI?key=UprYumKVkT7ZUfPi3LQuZw\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>(Image source: ProProfs Project)<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Combat_Project_Risks_With_Effective_Risk_Management_Software\"><\/span>Combat Project Risks With Effective Risk Management Software<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Project risks are inevitable. And this is something you and I both know. However, with proper project risk assessment strategies and a definite software system, you can prepare beforehand and tackle them immediately to avoid negative impacts.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Talking of software, nowadays, project risk management tools come in plenty. Say, for example, <a href=\"https:\/\/www.proprofsproject.com\/\"><strong>ProProfs Project<\/strong><\/a>. Its detailed reports and team collaboration features give you a lead over project issues.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hear what <strong>Mar\u00eda Franco Avalos<\/strong> (Geographical Information Systems Specialist, UNDP) has to say about the platform &#8211;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>\u201cWe immediately saw an increase in the number of progress reports on activities. Our main partners had up-to-date information and motivated them to learn more about specific project issues. Accountability has also improved for our implementation partners: Government, civil society, and international cooperation.\u201d<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Still in doubt whether you need such a software solution? Why don\u2019t you <a href=\"https:\/\/www.proprofsproject.com\/signup\/\"><strong>try it out<\/strong><\/a>? ProProfs Project is free for small teams <em>(yes, with all premium features)<\/em>. Give it a go today!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Learn_More_About_Project_Risk_Management\"><\/span>Learn More About Project Risk Management<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>How many types of project risk are there?<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">There are generally four types of project risks &#8211;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Technical Risks:<\/strong> Issues related to technology, technical feasibility, and performance.<\/li><li><strong>Management Risks:<\/strong> Problems with project management, team coordination, and resource allocation.<\/li><li><strong>External Risks:<\/strong> Factors outside the project team\u2019s control, such as regulatory changes, market shifts, or environmental factors.<\/li><li><strong>Operational Risks:<\/strong> Risks associated with day-to-day operations, including process inefficiencies and system failures.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>How do you identify project risks?<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Project risks can be identified through &#8211;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Brainstorming Sessions:<\/strong> Gather the project team to discuss potential risks.<\/li><li><strong>Expert Interviews:<\/strong> Consult with experts who have experience in similar projects.<\/li><li><a href=\"https:\/\/www.proprofsproject.com\/blog\/project-swot-analysis\/\"><strong>SWOT Analysis<\/strong><\/a><strong>:<\/strong> Evaluate the project&#8217;s strengths, weaknesses, opportunities, and threats.<\/li><li><strong>Risk Checklists:<\/strong> Use pre-existing lists of common risks for similar projects.<\/li><li><strong>Past Project Reviews:<\/strong> Analyze risks that occurred in previous projects to anticipate similar issues.<\/li><li><strong>Root Cause Analysis:<\/strong> Investigate underlying causes of potential problems.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>What does a project risk include?<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Project risk includes anything that can create an unexpected variance in a project\u2019s planned outcome. This includes &#8211;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.proprofsproject.com\/blog\/project-scope-creep\/\"><strong>Scope risk<\/strong><\/a><strong>:<\/strong> This involves changes or misinterpretations of the project\u2019s scope.<\/li><li><strong>Budget risk:<\/strong> It is where actual costs exceed projected costs.<\/li><li><strong>Schedule risk:<\/strong> This refers to timing delays and their cascading effects on the project\u2019s timeline.<\/li><li><strong>Quality risk:<\/strong> This could mean the deliverables don\u2019t meet the necessary standards or expectations.&nbsp;<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Each of these areas requires careful consideration and monitoring throughout the project lifecycle to ensure they are managed effectively.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Who should identify project risks?<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Usually, project risks should be identified by &#8211;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Project Manager:<\/strong> Oversees risk management and ensures comprehensive risk identification.<\/li><li><strong>Project Team Members:<\/strong> Provide insights based on their specific expertise and roles.<\/li><li><strong>Stakeholders:<\/strong> Offer perspectives on external and organizational risks.<\/li><li><strong>Subject Matter Experts:<\/strong> Bring specialized knowledge relevant to the project&#8217;s scope.<\/li><li><strong>Risk Management Experts:<\/strong> Apply their experience and methodologies to uncover potential risks.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">However, risks can be identified by anyone else in the organization.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Imagine this: Your team is halfway through the new software project that your company worked so hard to secure. Now, with less than 48 hours left, you get a call from the client.&nbsp; What could possibly go wrong? Well, the client wants to tweak the app UI into something that was never discussed in the&#8230;<\/p>\n","protected":false},"author":2,"featured_media":38496,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":["post-17089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-help-center"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Are Project Risks &amp; How to Combat Them in 2026?<\/title>\n<meta name=\"description\" content=\"Unsure how to tackle project risks? Discover effective risk management strategies and real-world examples to safeguard your projects!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.proprofsproject.com\/blog\/common-project-risks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Are Project Risks &amp; How to Combat Them in 2026?\" \/>\n<meta property=\"og:description\" content=\"Learn how to build a training program, create online assessments, and improve corporate knowledge management with ProProfs.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.proprofsproject.com\/blog\/common-project-risks\/\" \/>\n<meta property=\"og:site_name\" content=\"ProProfs Project Blog\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-12T10:40:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-29T06:05:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.proprofsproject.com\/blog\/wp-content\/uploads\/2019\/03\/Common-Project-Risks-and-How-EPM-Software-is-a-Great-Solution-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"758\" \/>\n\t<meta property=\"og:image:height\" content=\"335\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"David Miller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"David Miller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What Are Project Risks & How to Combat Them in 2026?","description":"Unsure how to tackle project risks? 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