Every project comes with uncertainty — and managing that uncertainty is what separates successful projects from costly failures. In project management, risk refers to any potential event or condition that may impact a project’s scope, schedule, cost, or quality. Whether it’s a delay in deliverables, a budget overrun, or unexpected stakeholder changes, recognising and addressing risks early is essential.

At iFundi, our Project Management NQF Level 5 qualification teaches learners how to identify, analyse, and respond to risks using globally recognised methods. Here’s what you need to know.

What Are Project Management Risks?

Project risks are uncertain events that, if they occur, can have a positive or negative impact on the project. While some risks are unavoidable, effective project managers plan for them in advance through proactive risk management strategies.

Risks can be internal (e.g., lack of resources, poor planning) or external (e.g., regulatory changes, supplier delays). The goal is not to eliminate all risks, but to understand them, minimise their impact, and respond efficiently when they arise.

Common Types of Project Risks

Understanding the types of risks you may encounter can help you prepare. Some of the most common project management risks include:

1. Scope Creep

When new tasks or deliverables are added to the project without adjusting timelines or budgets, it leads to delays and overextended resources.

2. Budget Overruns

Unexpected costs — such as price increases, underestimation, or scope changes — can put strain on project financing and stakeholder confidence.

3. Schedule Delays

Late deliverables, resource shortages, or poor time management can cause delays that affect the entire project timeline.

4. Resource Risks

This includes a lack of skilled personnel, tools, or technology. If your team is underprepared or overcommitted, performance suffers.

5. Stakeholder Misalignment

When key stakeholders have conflicting expectations or aren’t engaged in decision-making, project direction can quickly derail.

6. Technical Risks

This includes software failures, system incompatibility, or rapidly changing technology requirements.

The Risk Management Process

Example: Risk Management in a Website Project

Imagine a team working on a website launch. Risks may include:

• • Scope creep (marketing wants new features mid-project)

  • Schedule risk (developers delayed by last-minute content changes)

  • Technical risk (CMS not compatible with user devices)

By identifying these early, the project manager can create buffers, set expectations, and assign additional QA resources — preventing costly delays.

Why Risk Management Matters

Poor risk management can derail even the most promising projects. But with the right training and mindset, teams can confidently handle setbacks and stay aligned with goals.

Risk management:

• • Prevents failure and waste

  • Boosts stakeholder trust

  • Enhances decision-making

  • Builds resilient project teams

At iFundi, our project management training equips learners with practical skills to identify and respond to risks, ensuring better outcomes for organisations and individuals.

Final Thoughts

In today’s fast-moving business landscape, risk is inevitable — but unpreparedness is optional. Mastering project risk management is not just about avoiding problems; it’s about building confidence, resilience, and agility into every phase of your project. Learn more about risks from the PMI Risk Framework.

Published: June 25, 2025