Product risks and Project Risks - Introduction
Many people will often have a puzzled look on their faces when they hear the terms; Product risks and Project risks. Many individuals find it difficult to understand. Henceforth let us try to understand it.
So, first, let us see what Project and Product are?
A Product is like ‘All set to Use.’ Companies usually manufacture the products and sell them to different customers or may also provide it for free. If If a customer asks for a customization, like changing color, title, appearance and would like to have additional Functionality, companies can customize the product based on their customers needs/requirements.
Here are a few examples for better understanding:
- Buying a flat after the completion of construction. But for this situation, you can make minor changes like paints and interiors only.
- Google products like Gmail, Drive (Free sources), Oracle products like Databases, etc.
A project is a temporary endeavor undertaken to create a unique product, service, or result to achieve an outcome. Often, we gather the requirements from a particular client outside the company.
Here are some examples:
- Buying a flat before construction. Here as per your wish and need, you can do the construction.
- Developing a new product or service
Product Risks and Project Risks
What Is Product risk
The risk which is associated with the software is The Product Risk. It results from problems that occur after the delivery of product. The products risks are also known as Quality Risks.
Characteristics Of Product Risks
- Functionality as per client requirements
- Reliability of software
- Performance Efficiency
- Security of software
- Ease of maintenance
Examples Of Product Risks
1) Software doesn’t work according to users’ desires. e.g., A user wants to purchase an item and adds it to his Cart. During checkout, the item goes out of stock and its value is deducted from the Cart. However, the application did not display any message to the user about what went wrong.
2) Tight timelines that make individuals work in a hurry and perform more mistakes.
What Is Project risk
The risk associated with the testing activity, endangering the test project cycle, is The Project Risk. In other words, it is an uncertain event or activity that can impact the project’s progress. To manage project risks, we have to apply concepts like identifying, prioritizing, and managing the project risks.
Examples Of Project Risks
1) Due to the lack of system admin postponement in fixing the test environment.
2) Test Environment is unavailable.
Risks are unavoidable in a business, yet it is crucial to guarantee that the effect of risk ought to be least.