The Global Risks Report 2024 was recently published by the World Economic Forum. The risks “of the future” have already arrived at our door and will impact Project Management in the short term – 2 years. The top 10 global risks can affect project management in several ways, including:
- Increased complexity and uncertainty. Global risks can make projects more complex and unpredictable, making it difficult to forecast costs, timelines, and outcomes.
- Impact on scope and schedule. Global risks can require changes to the scope or schedule of a project, either to respond to a new demand or to mitigate a risk.
- Communication and collaboration difficulties. Global risks can make communication and collaboration between project stakeholders more difficult, which can lead to delays and errors.
- Increased costs. Global risks can increase the costs of a project, either through increased costs of materials or labor, or through contingency costs.
Here are some specific examples of how each global risk can affect project management:
Misinformation and disinformation
Misinformation and disinformation can lead to misguided decisions about projects, which can lead to delays, errors, or even project failure. For example, if information about a target market is incorrect, a marketing project may not be effective.
Extreme weather events
Extreme weather events can cause physical damage to projects, which can lead to delays, additional costs, or even project interruption. For example, if a construction project is interrupted by a hurricane, it may be necessary to replan the project or find new suppliers.
Societal polarization
Societal polarization can make collaboration between project stakeholders more difficult, which can lead to delays, errors, or even project failure. For example, if project stakeholders cannot agree on the project objectives, the project may be harmed.
Cyber insecurity
Cyber insecurity can lead to data loss or sabotage of projects, which can cause financial or reputational damage. For example, if the data from a research project is lost, the project may be delayed or even canceled.
Interstate armed conflict
Interstate armed conflict can disrupt the supply of materials or labor to projects, which can lead to delays or additional costs. For example, if a construction project is interrupted by an armed conflict, it may be necessary to find new suppliers or replan the project.
Lack of economic opportunity
Lack of economic opportunity can lead to increased crime, political instability, or even armed conflict, which can create an uncertain and dangerous environment for projects. For example, if a project is located in an area with high crime, it may be necessary to increase security costs to protect employees and project assets.
Inflation
Inflation can increase the costs of materials, labor, or other resources, which can lead to delays or additional costs. For example, if a construction project is subject to inflation, it may be necessary to adjust the project budget.
Involuntary migration
Involuntary migration can lead to labor shortages, which can delay or even interrupt projects. For example, if a construction project is located in an area with high involuntary migration, it may be necessary to find new workers or replan the project.
Economic downturn
An economic downturn can lead to reduced investment, which can cause projects to be canceled or scaled back. For example, if a company is experiencing an economic downturn, it may cancel an expansion project.
Pollution
Pollution can cause environmental damage, which can lead to delays or additional costs for projects. For example, if a construction project is located in a polluted area, it may be necessary to take steps to mitigate environmental damage.
To mitigate the effects of global risks on project management, it is important for project managers to be aware of these risks and to have a plan for dealing with them.
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