risks (noun, risks, \ ˈrɪsks \) constraints (noun, con-straints, \ kənˈstreɪnts \) and assumptions (noun, as-sump-tion, \ əˈsəmpʃənz \)
Definition: are a set of external factors that can restrict or otherwise hinder the decision-making processes of a company, and over which an individual or organization that has to make a decision has either a limited control or no control at all. Such factors have a tendency to frequently appear in a company’s day-to-day operations, requiring managers to detect them and account for them during the development of a project. For example, constraints can limit a business unit’s options, resources, or funds, while assumptions always have the chance of turning out to be false.
In a Sentence:
- A responsible project manager will always factor in the risks, constraints, and assumptions tied to a specific task. After all, a single uncalculated move can lead to the collapse of the entire project.
- At first, we thought that the risks, constraints, and assumptions of our Flowless project were minimal. However, as time went on, the board put constraints on our budget, making it extremely challenging to complete it before the deadline.
Synonyms and related words: project management, dependency, risk, decision making
