Project risks involve such areas of concern as scheduling, budget and technical issues. Even though there is a vital unity to all strategic experience which can abolish the significance of time, place, and technology, there is still a historical trajectory of causes and effects that help determine strategic experience. The main project management risks will involve scheduling and time management (Frame, 2002).
Taking into account the nature of work and complicity of tasks, it is possible to say that this risk is high because the project involves difficult and complicated tasks even for true professionals. Strategists of different eras may confront categorically similar challenges of, for instance, policing or threat assessment, but each performs in historical real time. In this case, external risk involves stakeholder relations and communication with this target group. Internal risks deal with team management and effective allocation of time resources. For both of these risks probability is low, so they will not have a profound impact on project completion (Burkun, 2005).
Product risks and quality risks are the most important for effective and on time project implementation. Internal product risks will be closely connected with testing procedures before project delivery. The risks are probable, so the team of engineers will have to minimize these risks and their negative impact on the environment. For product risks, strategy per se may be generically beyond culture, time, place, and technology, but particular strategists and their strategies are not.
The state has the enduring problem of deciding whether, with ever-scarce resources to devote to security functions, they can choose to build armed forces excellent only in, say, one of these categories (Frame, 2002). Computer failure or breakdown of retrofitted detection device is less probable because the project technicians confirmed and tested the working of the device. Power sources for the devices are tested and checked by the project professionals so they will not create additional risk for the product delivery. Product quality and efficiency failure is probable, because there is no clear testing principles and standards for new missiles.
Internal risks involve mistakes and errors in product design as well as manufacturing defects. Still, using modern techniques, it is recognized that the project is always ahead of facing accidents and different kinds of troubles all the time. By applying safety technology in the project, it could pay back as the best and most crucial investment made by the project team with maximum output and encouraging results (Burkun, 2005).
Financial risks will deal with such problems as over-budgeting and poor availability of resources. These risks are probable because the project is unique and can require additional research and testing (Frame, 2002). The point which should be consider by the management of the organization is to understand not the amount of cost being implemented for the safety technology in the company, but to consider what this cost could save vice versa in return. Apart from that, safety technology helps in creating motivation factor in the team managers because it make them believe and understand that the company does care for its workers and they should work with maximum productivity ad capacity for the betterment of the business as well (Badiru, 2002).
In sum, project management requires a special attention because it influenced overall success of the project and its outcomes for the organization. The budget can be controversial in administration circles, in terms of whether it is well conceived and whether it would have lasting and beneficial effects. Both should assess their relative contributions to the total project management task and view each other as alternative and supporting resources. As alternatives project managers present management with different means of budgets.
Badiru, A.B. (2002). Quantitative Models for Project Planning, Scheduling and Control. Quorum Books.
Burkun, S. (2005). The Art of Project Management. O’Reilly Media; 1 ed.
Frame, J.D. (2002). The New Project Management: Tools for an Age of Rapid Change, Complexity, and Other Business Realities. Jossey-Bass.