Sample Essay
The risks that were faced by the Firecracker Project pertained to the risk of over run of the project in terms of the costs budgeted for the project as well as the completion date. Both of these risks were realized by the Firecracker Project when it was completed 11 days too late. The other risks that pertained to the project included, poor quality of product and service as a result of hasty product management decision, poor budgeting of the project as well as customer dissatisfaction with the end result. These risks were also realized in Firecracker Project when the client went ahead and gave order to three of the competitors of the company after the company was unable to deliver the results of the project on time to the client.
More risks that are involved in project management pertain to the in accurate determination of the scope of the project, the ill competency of the project management team, inaccurate and incomplete collection of the requirements of the projects, improper estimation of schedules and tasks, as well as setting of immeasurable objectives which are difficult to get feedback on, or are too high to attain. Other risks include an incompetent project management team, whereby the project manager as well as the team is unable to identity what needs to be done to manage a project and what tools and technology can be used to aid the process of project management.
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