Our Last Tutorial would be about Risk Assessment
Firstly we list down issues that might affect the projects and look into its impact and chance of occurring
Next , we rank all those issue according to their importance and impact on the project
Lastly, we look deeper into the top 5 issues and further analyse the issue
From the top 5 issues we choose the top 2 issues and create an deeper analysis
1. Wrong choice of materials
The impact of having wrong choice of material will result in overspending and over shot the schedule time.
If Wrong material chosen, so we have to look for a new supplier to purchase the material and produce the goods all over again. This will result in extra expenditure for the company.
So it will increase the time spend to look for supplier to provide material. The company has to test the material to ensure it is suitable for making the hover board, once it is confirmed the company would have to awaiting the bulk purchase of the material to arrive and start to manufacture the product
2. Over spending
Once the budget is over spent, the project will lack of fund to continue, thus lead to project failure, unless new shareholder enter the business.
If the budget is overspent, the team would have to look for new shareholder/sponsors to fund the project. If fail to find sufficient funds the project would have to come to end.
This would lead to spending too much time in looking for new shareholders and delay the project schedule. Thus the company might not be able to deliver their product orders on time and might lead to law sue case or end up paying fines.
