Risk Assessment Project

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Buying a used car can be a big decision and big step in a person’s life. The vehicle of choice is usually determined by how much a person is willing to spend. But in order to make sure the chosen vehicle is worth the purchase, certain risks must be considered to avoid a financial loss.

There will be a constant approval with each dealership that is considered. They will make their product worthwhile and find a way to get the customer to visit their establishment. This is where the options are weighed and risks are identified. There are several tools and techniques used to identify risks but, when purchasing a used car, brainstorming and checklists seem to be more useful. “Brainstorming is a very useful technique for the initial identification of a wide range of risks, particularly for large or unique projects “(Cooper. Project Risk Management Guidelines. John Wiley & Sons p. 39). This is considered a unique project and is useful to identify risks with numerous amounts of people to gain a broad perspective for purchasing a vehicle. “Checklists are quick to use, and they provide useful guides for areas in which the organization has a depth of experience, particularly for projects that are standard or routine in nature” (Cooper. Project Risk Management Guidelines. John Wiley & Sons p. 41). I believe checklists should also be considered because it can be referenced during the viewing process.

Some risks that are involved with purchasing a used vehicle include prior accidents, stolen, clocked, written-off, outstanding finance, and third-party trace. The risks of buying a used car are usually well hidden by the seller, making it important that the buyer works doubly hard to uncover any problems. Risk assessment takes these risks and “separate the important items from the less important ones” (Cooper. Project Risk Management Guidelines. John Wiley & Sons p. 46). This way the search for the right vehicle does not become overwhelming and...
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