Project Risk
In (Gido & Clements, 2009) risk management involves identifying, assessing and responding to project risks in order to minimize the likelihood and impact of the consequences of adverse events on the achievement of the project objective. (p.88)
Risk Factors that Janis did not fully address at the start of the project are as follows:
• Project Performance Evaluation o Planning and scheduling of activities o Forecasting or resource requirements o Evaluating the projects performance at key milestones
 Janis moved the finish date up 6 months without all of the information or input from all parties involved in the project. In addition after reviewing project schedule it is clear that Janis’s finish date set at the end of 2009 was unrealistic.
• Communication: tracking performance of a project goes hand in hand with effective communication. o Communication Plan o Conflict Resolution Plan
 Janis did not include key players in the communication chain.
• Technical o Equipment required o Equipment installation o Input from facility staff
 Again Janis did not ask for input from technical support.
• Cost – can be effected by o Material Shortage or Labor Problems
 Lack of proper scheduling, communication and technical information leads to cost problems in one form or another.
Janis could have improved the project’s success with proper planning and performing qualitative risk analysis. As stated in (Kerzner, 2003) the risk level of the project must be assessed. Under-standing the risk allows the effective assignment of resources which mitigate the risk levels.
In (PMBOK, 2008) by establishing definitions of the levels of probability and impact can reduce the influence of bias. The time critically of risk-related actions may magnify the importance of a risk. An evaluation of the quality of the available information on project risks also