Sunk costs tend to be confusing. In our academic learning, we are taught that they’re necessary but treated as outright losses and hence should be ignored. But will decision makers readily decide on a project without taking into consideration the amount of money regarded as irrecoverable?
Project Risk Management
Risk is inevitable when executing a project. Whether it’s a financial loss, accident, or project failure, there are any number of ways a project can go wrong. It’s your job to identify possible risks and have a plan in place for minimizing, as well as dealing with them when they are encountered.
Sound tough? This may be the least favorite part of any PM’s job, but we have a wealth of content to help you navigate these issues and succeed in your project. Read articles, tips and ideas from fellow PMs and share your own experience in the comments.