Adopting an Agile Approach to Project Management - Explaining Risks

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Explaining Risks
When you tell stakeholders about agile project management, you should be open about the risks or pitfalls involved. This gives the message that you're not trying to convince them to use agile practices, but that the organization's interests are a priority and that you want them to make an informed decision.
Estimating Project Costs
One of the main risks associated with agile project management is that it's difficult to estimate the full cost of a project with any accuracy at the outset. This is because not all project tasks are planned in detail before work begins. Instead requirements evolve as work progresses.
For companies accustomed to using fixed-price contracts, adopting a methodology that doesn't provide detailed cost estimates involves a significant change. In some cases, companies that use agile management may still use fixed-price contracts.
Specific Risk Factors
There are specific factors that should be in place for this to occur. Also, the project manager should be familiar with the factors. They are the domain of the application, the technology, the team, and the size of the project.
Domain of the application
The project manager should be familiar with the domain of the application to understand more clearly what the customer requires and to foresee functional risks.
Technology
The project manager should be familiar with the technology. If new technology is experimented with, the project may have several additional risks.
Size of the project
The project manager should have previous experience with the size of the project. Projects that last several years are different from projects that last a few months. Also, being a manager of a large team is different from managing a team of a few developers.
Team
Another risk is that the success of an agile project depends on highly skilled project team members who can make appropriate decisions on their own, take responsibility for their work, and collaborate effectively.
If team members lack skills or experience, or have weak interpersonal skills, an agile project may fail. (...)

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