BUS605: Strategic Project Management

Any risks or assumptions should be documented in the project charter. Assumptions may include things that must go right, such as a particular team member being available for the project, or specific criteria used in developing the project plan estimates. Risks, on the other hand, may be thought of as anything that can go wrong or things that may impact the success of the project. Although a risk management plan should be in place to support the project team, the project charter should summarize the following potential impacts:

• Key situations or events that could significantly impact the project's scope, schedule, or budget – These risks, their likelihood, and the strategy to overcome or minimize their impact should be detailed in the project's risk plan.
• Any known constraints that may be imposed by the organization or project environment – Known constraints may include such things as imposed deadlines, budgets, or required technology tools or platforms.
• Dependencies on other projects internal or external to the organization – In most cases, an IT project is one of several being undertaken by an organization. Subsequently, dependencies between projects may exist, especially if different application systems or technology platforms must be integrated. It may also be important to describe the project's role in relation to other projects.
• Impacts on different areas of the organization – As described in Chapter 1, IT projects operate in a broader environment than the project itself. As a result, the development and implementation of an IT solution will have an impact on the organization. It is important to describe how the project will impact the organization in terms of disruption, downtime, or loss of productivity.
• Any outstanding issues – It is important to highlight any outstanding issues that need further resolution. These may be issues identified by the project sponsor, the project manager, or the project team that must be addressed and agreed upon at some point during the project. They may include such things as resources to be provided or decisions regarding the features or functionality of the system.