The Importance of Managing Risks in Project Scope and Sceduling

1411 Words6 Pages
A project is a temporary endeavor undertaken to create a unique product, service, or result. Therefore, a project has a definitive beginning and end (PMI, 2008). All projects have characteristics, which produce uncertainty. There are several factors found in all projects, which make them inherently risky. Every project involves at least one element that has not been done before, and naturally there is uncertainty associated with that element. Project scoping involves making a best guess about the future, which usually include both assumptions, and constraints. Assumptions and constraints may turn out to be wrong, and it is also likely that some will remain hidden or undisclosed, so they are a source of uncertainty in most projects. Projects are performed by people, including project team members and management, clients and customers, suppliers and subcontractors. All of these individuals and groups are unpredictable to some degree, and introduce uncertainty into the projects on which they work. These are a particular group of people who impose requirements, expectations and objectives on the project. Stakeholder requirements can be varying, overlapping and sometimes conflicting, leading to risks in project execution and acceptance. Every project involves change, moving from the known present into an unknown future, with all the uncertainty associated with such movement (Hillson, 2009). Effective control of a project's scope and schedule is critical to achieving a quality project. Understanding and managing the interrelationship of these elements can greatly impact the project manager's success. The uncontrolled changes to a project, also known as scope creep (PMI, 2009), increases cost and produces delay. Delays increase costs and cause critical dates to be missed. By organizing tasks, managing the level of effort, developing and monitoring a critical-path
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