Schedule risk refers to the risk that a strategy, project, or task will take longer than expected to complete. A schedule is typically based on estimates that can be uncertain, and as a result, there is a risk that the estimated duration, dependencies, and assumptions built into the schedule may be inaccurate. This can impact the overall timeline and budget of the strategy, project, or task.
Here are a few examples of schedule risk in the business world:
- Delay in a project: If a project is delayed due to unexpected issues, such as equipment failure or delays in obtaining necessary approvals, it can lead to schedule risk.
- Changes in scope: If the scope of a project changes after the schedule has been set, it can lead to schedule risk as it may impact the timeline and budget of the project.
- Unforeseen dependencies: If there are unforeseen dependencies that are not accounted for in the schedule, it can lead to schedule risk as it may impact the timeline of the project.
- Resource constraints: If a project experiences resource constraints, such as a shortage of skilled labor or budget constraints, it can lead to schedule risk as it may impact the ability of the project to meet its timeline.
- Technological issues: If a project relies on technology that is prone to failure or has compatibility issues with other systems, it can lead to schedule risk.