What are the top Overall Risks to Global Projects?

The goal of the Fourth PMBOK Cafe workshop was to explore the Global Project Risks. What are the top Risks? If these Risks happen what will be the effect? What can we do to manage these Risks?

Lessons Learned Risk Policy 2009 Summer

The fourth PMBOK Café explored the Risks involved with Managing Global Projects. Global Projects have additional risks that must be identified, monitored and controlled.

Political Regulational and Economic Risks are dynamic and have a huge impact on global projects. To deal with these risks Project Managers need to have smart research strategies. Examples of Political Risk that were presented in the Café were projects involving North Korean facilities with South Korean employees. North Korea released South Korea's Hyundai Asan worker on Thursday after four-and-a-half months of detention amid an ongoing visit by the company's chairwoman, Jung Un, Hyun and Project member, Mr. Yu Seong-jin, detained in North Korea for 136 days.

Global Projects are also subjected to Currency Exchange risks. Managing these risks involve hedging against a currency change that might impact the project.

Global Projects also involve a significant Socio-Cultural risk that are difficult to manage due to cultural differences. This cultural gap impacts communication and trust. If different cultures cannot trust each other for example differences in high context and low context countries there is a risk the project will run into difficulties.

Global Markets impact Projects because of rapidly changing competitive conditions. Shifting market conditions may cause external changes to scope requirements. Project Managers should actively gather information and analyze the data. If there is a need the Project Manager should trigger risk response strategies.