Project deferral risk is the potential for a project to be delayed or postponed due to external factors. This type of risk can arise from a variety of sources, including changes in customer requirements, delays in obtaining necessary resources, or unexpected events that require additional time and effort to address. It is important for project managers to identify and manage this type of risk in order to ensure that projects are completed on time and within budget.
The best way to manage project deferral risk is to anticipate it before it occurs. This can be done by conducting a thorough risk assessment at the beginning of the project. During this process, project managers should identify any potential risks that could lead to delays and develop strategies for mitigating them. Additionally, project managers should regularly monitor progress and adjust plans as needed in order to stay on track.
Managing project deferral risk can help ensure that projects are completed on time and within budget. By anticipating potential risks and developing strategies for mitigating them, project managers can reduce the likelihood of delays and minimize their impact if they do occur. Additionally, managing this type of risk can help improve communication between stakeholders and increase overall satisfaction with the project.