Identifying Risks & Strategies The ability to predict, analyze, and overcome risks is a major factor in any successful project. This ability will make it possible for the project to still be completed with minimal impact to the bottom line or costs. "Project risk management is the art and science of identifying, analyzing, and responding to risk throughout the life of a project and in the best interests of meeting project objectives" (Schwalbe 2014). Risk management is one of the most overlooked parts of project management. Risks that are not properly planned for will have a huge impact on the overall outcome of an IT project. The project described will have both positive and negative risks. This paper will anywise those risks and try to recommend how they can managed . Identifying Risks & Strategies Negative Risks "Negative risks or threats are unfavorable conditions, situations, circumstances or risks that can have potential negative impact on project objectives if they materialize" (projectmanagmentlexicon.com). Time One potential risk that could materialize over the length of this project could be that the development of the software could take longer than expected due to bugs in the code or the simple fact that it could take longer to create than originally thought. This could translate into financial risk if not properly handled. We will use risk avoidance for this risk and we will try to come up with a good strategy for limiting the risk of running over the deadline. Personal Risk The risk that our people involved with the project could have a lack of needed skills to complete the assigned objectives is a big risk. This is a hard risk to plan for because at the start of the project we have assigned the best people that we have to complete the objectives but as the requirements change so will the need for different skills. I would recommend that we use mitigation for dealing with these types of risks. mitigation is explaine