Technical and economic risks are some of the threats the project team should handle to achieve the anticipated goal. The technical component represents risks where the chosen technologies may not meet the projects objectives (Steyn, 208). It includes aspects like un-automated sorting of the EV batteries and inadequate innovation in the field of recycling. Economic and financial risks cover how well the venture will make money. For example, it looks at the equipment cost and the effect of schedule slippage (Masár et al., 209). In this project, this category includes the perception that recycled Li-ion EV batteries are low quality compared to the new ones and high cost of materials used in the process. As a result, technical and economic risks can adversely affect the projects productivity.
Environmental, political, and commercial risks should be addressed in this project. Political risks are risks that the project could suffer due to political decisions and instability (Steyn, 208). It includes government decisions such as restriction of movement and increase in tax for products used to recycle Li-ion EV batteries. Environmental risks
are the likelihood and consequence of an unwanted accident during the execution of this project. Some of these risks are bad weather, air pollution emanating from the process, and a threat to human health (Masár et al., 209). Commercial risks include threats that could come up with contracts and lead to delays, higher costs, or lawsuits.
Organizational, information technology (IT), and legal risks are potential threats the project may experience. IT risks may adversely impact a projects data, critical systems, and operations (Steyn, 208). In this project, these risks include the failure of the IT infrastructure, such as a communication system to support the processes, and inadequate IT personnel. Organizational risks are aspects such as resources and culture which could impact the implementation of the project. It consists of poor communication, lack of teamwork, and inadequate funds to support the operations (Masár et al., 209). Finally, legal risks are threats linked with the specific legal framework where the project must operate. Some of these risks include failure to adhere to existing policies and regulations.
STEEPCOIL Table