Project Risk Checklist

Every project, no matter how well-planned, faces uncertainties that can derail progress or inflate costs.  These risks, whether scope creep, resource shortages, or unforeseen events, can catch even seasoned project managers off guard.  That’s where a project risk checklist becomes your secret weapon.  By systematically identifying, assessing, and preparing for potential pitfalls from the start, you can keep your project on track and stakeholders confident.

In this guide, we’ll walk you through a practical project risk checklist to help you anticipate challenges and navigate them with ease.

Identifying risks is a central component of project risk management. Risks are identified using various methods and placed into a risk register. The risks are then analyzed and prioritized, and appropriate risk response plans are drawn up.

I would like to update this list and keep it current, so if you have anything to add please leave a note in the comments section.

Project Scope

• Scope is incomplete
• Scope is unclear
• Tasks get added during project without approval (scope creep)
• Stakeholders demand additional scope
• Project sponsor has different expectation of scope
• Subconsultant/subcontractor scope definition is not clear
• Project sponsor/executive demand additional scope without supplying additional funds

Project Quality

• Quality of product/service does not meet expectations
• Technical expertise of checking/reviewing not adequate
• Technical errors
• Technical omissions
• Required technical training or learning curve is longer than anticipated
• Design is not feasible
• Design is not practical
• Design is difficult or impossible to build
• Design lacks features or flexibility
• Design standards are not met
• Standards change during project
• Contractor does poor quality work
• Contractor uses poor quality suppliers
• technological change impacts deliverables

Project Schedule

• Project is behind schedule
• Resources cannot be secured as anticipated
• Stakeholders demand excessive consultation/communication
• Contractor starts late
• Contractor finishes late, pays penalty, delays others
• Delay due to worker injury or fatality

Risk Management

• Important risks are not identified.
• Response plans are inadequate.
• Risks are not shared with stakeholders.
• Unauthorized risks are added to project by sponsors/executives

Market

• The product will not realize enough Return on Investment (ROI)
• Sales are insufficient
• The project’s costs are not recovered
• Market size shrinks
• Competitors introduce competing products
• Funding is cut

Communication

• Stakeholders do not receive sufficient communication
• Project sponsor/executives are not aware of project progress
• Regulatory authorities not contacted early enough
• Inspectors and contractors don’t get along

Procurement

• Insufficient vendors to get a good price
• Low quality of vendors
• Vendor’s contract introduces risk
• Vendor requires additional funds after contract signed
• Contractor goes bankrupt during project
• Contractor walks away
• Contractor does poor quality job
• Contractor performs unit price work without authorization
• Contractor does less work on lump sum bid item

Stakeholders

• Stakeholders delay project due to unmet concerns
• Stakeholders introduce additional cost or scope that was unknown at project planning stage.
• Stakeholders fight with each other
• Regulatory authorities slow to grant approval
• Regulatory authorities add cost – require additional studies, etc.
• Regulatory authorities do not approve project
• Stakeholders ignore project communications
• Stakeholder turnover
• Project sponsor/organization doesn’t approve of design

Project Cost

• Cost estimates are too low
• Costs of suppliers or equipment was not locked in
• Cost of supplies/equipment changes
• Manpower costs change
• Contractor payment/progress estimates incorrect
• Adminstrative and overhead costs underestimated
• Project ROI not as anticipated
• interest rates affect amortization of assets
• technological change improves cost structure of project
• WCB premium increase due to worker injury or fatality

Human Resources

• Unable to secure required project team.
• Insufficient funds to pay project team’s demands
• Project team turnover
• Organizational priorities remove project members
• Turnover of project sponsor or organization
• Worker injury

Other

• Corporate support for project disappears
• Meddling or micromanaging from corporate executives or project sponsors