The Risks Associated with the Project - Term Paper Example

The paper "The Risks Associated with the Project" is a brilliant example of a term paper on business. The risks associated with the project can be divided into four categories. They are personnel, property, interruption, and transport. The personnel risks include accidents, the key person leaving the company, and employee suffering stress. When the project starts, there are risks of accidents occurring. Employees can get injured while operating machines leading to reduced work input. Key personnel may also leave the company before the project is complete. The company will, in turn, lose highly valued expertise. Some employees may also suffer stress during the course of the project. Stress reduces their ability to work (IOSH, n.d.).
For property risks, machines may break down delaying the project. The presence of overhead electric cables increases the risk of fire or machine damage during transportation. Also, the presence of underground council water pipes whose location is not precisely marked increases the risk of water leakage that can potentially delay the project (IOSH, n.d.).
For interruption risks, there could be prolonged power cuts that may stop production. Subcontractors may also delay the delivery of essential materials. Such delays can slow down production and affect the project schedule (IOSH, n.d.).
For transport risks, machines may break down during transportation. Also, valuable machines may be stolen before they reach the site. Such risks lead to significant financial losses to the company (IOSH, n.d.).
The changes
There are two categories of changes that are likely to be made during the course of the project. They are the design and timeline changes. The design changes may involve altering the initial customer’s specifications of the landscape. Such design changes may be brought by the presence of underground or overhead utilities such as water pipes and power lines respectively. The timeline changes may be brought by unexpected interruptions such as bad weather or damaged sewage lines that may take time to repair. If such interruptions occur, the company will have to find ways of recovering the lost time.
The assumptions
It is assumed that there will be no prolonged bad weather conditions that can potentially delay the project. If there are severe weather conditions, it may affect the schedule of the project. It is also assumed that there will be minimum accidents or machine breakdowns. In addition, it is assumed that there will be no employee mistakes that will cost the company much money in the form of compensation or repairs. It is also assumed that key personnel will remain in the company until the project is completed.
The constraints
The major constraint of the project is utility locations. The presence of underground water pipes limits what can be planted or constructed. For example, the construction of a shed or artificial pond will not be done where an underground water pipe passes. The planting of flowers will not also be done in sections with such underground utilities. The overhead power lines running over the access route to the garden limits what can be planted or constructed along the area.
The success criteria
There are three elements that will determine the success of the project. They include time, budget, and business needs. These factors will be the basis of the success criteria of the project. A successful project is completed within the stipulated time. The project will succeed if it is carried out within the budget. In addition, the project will be successful if the needs of the business are fully met (Carroll, 2012, p. 8).