ABSTRACT
The project, as a system, has an internal and external environment. The internal environment consists of components applicable to the project itself, such as actors, project procedures, project goals, and the project team. The feasibility phase determines if a project is a practical alternative to current operations. The formulation phase defines in detail what the customer needs from and wants from a project as well as developing alternatives to meet those requirements. People risks deal with people directly or indirectly working on a project. Cost risks deal with budgeted moneys for a project. Schedule risks deal with achieving the planned schedule. Regardless of risk category, some circumstances increase the level of exposure for projects: Team size, technical complexity, stability of management structure, stability of market conditions and team expertise and experience. Dynamic environment is typically the type where hi-tech startup companies and research and development organizations conduct their projects.
