Undertaking any project, whether in-house or in partnership with a professional services firm, entails risk. Project risk is defined as any area of concern that could prevent a project from achieving all of its benefits. Project risk requires careful management and involves identification, assessment, and mitigation.
It is important at the beginning of any project to go through the risk identification process. Not all project risks are obvious. When identifying risks, look for areas in the project that are based on:
