In evaluating projects across industries it is sometimes pos

  In evaluating projects across industries, it is sometimes possible to detect patterns in terms of the more common types of risks they routinely face. Consider the development of a new software product and compare it to coordinating an event, such as a school dance. What likely forms of risk would your project team face in either of these circumstances?

Solution

As compared to an dance event in a school, a new software development calls for higher risk both in quantity and quality. The latter is likely to face risks like market volume/price, technical risk, financing, scheduling, resignation, organizational, and operating risk. Whereas a dance event at a school would be subjected to the risk of - availability of staff, appropriate facilities and proper funding.It is important to understand here that both of this projects are relatively subjected to these risk variables - cost estimate, integration, availability of inadequate skills, absenteeism etc.