Risk Assessment and Control
In this critical step, Risk Assessment and Control, the project team thoroughly identifies potential hazards and uncertainties that could negatively impact the project's success. This meticulous process involves evaluating various factors such as stakeholder expectations, resource availability, market conditions, regulatory requirements, and technological constraints. A systematic analysis of these risks is conducted to determine their likelihood and potential impact on the project timeline, budget, quality, and overall deliverables. Following this detailed assessment, effective control measures are implemented to mitigate or eliminate identified risks, ensuring that the project remains on track while minimizing potential threats. This proactive approach allows for timely intervention and minimizes the risk of costly delays or unforeseen consequences.