Question

in the planning stage of the project, the project team has identified various risks based on lessons learned from previous projects and through the process of defining and discussing risks associated with work to be performed. the risks that have not been identified are those that relate to uncertain economic conditions and from the areas of the project where there is not yet enough information to know what variances may occur. what are these types of risk?

Answer 1

The question pertains to risks associated with uncertain economic conditions and information gaps in project planning, known as external or unknown risks, and project-specific risks requiring risk analysis techniques for mitigation.

Step-by-step explanation:

The types of risks that are being referred to in the project planning stage are those related to uncertain economic conditions, such as natural disasters, wars, or massive unemployment, as well as risks from areas where information is insufficient to predict variances. These risks are often considered to be external risks or unknown risks, which are difficult to predict and over which project teams have little control. Economic risks are particularly challenging because they can significantly affect project costs, timelines, and feasibility. Another category of such uncertain and unpredictable risks are related to information gaps and are often referred to as project-specific risks where more information is needed to ascertain potential issues.

These risks require careful analysis and may necessitate the use of risk analysis techniques as part of the project management strategy to mitigate potential negative impacts. The use of historical data, industry standards, and expert judgments can help project teams to identify and manage these types of risks.