It Project Risk Management

Risk management is like a form of insurance that is concerned with future events/risks in an IS project, particularly in software development projects, whose exact outcome is unknown, and with how to deal with these uncertainties in advance. Unfortunately, not many IT (Information Technology) developers properly define potential risk events and estimate the probability of the risk event occurring, the possible outcome if it does occur, when it might occur. Risk events can, in fact, affect time, cost, scope, and quality of the project outcomes. Therefore, there is highly important to have risk management mechanism put in place so that the project team can minimize potential risks while maximizing potential opportunities. It is also essential to fully understand the risk management process that consists of risk identification, risk analysis, risk response development, and risk control. In addition, the project team is highly recommended to identify sources of risks for IT projects and principles behind project risk management.

IAEME PUBLICATION, 2020

Risk management has emerged as an important component of projects these days, particularly information technology projects which are complex and dynamic in nature. Risk management constitutes different components and organisations are required to strategies it keeping in mind different dimensions of IT projects. The present study aims to review the types of risk in IT projects and subsequently recommended the innovative and dynamic ways to overcome it. IT projects are generally characterised by scheduling, cost and performance risk. Organizations by having risk management strategies in place such as avoidance, transference, mitigation and acceptance in place can identify, analyze, prioritize and mitigate risk factors. A survey of 100 team members of IT projects and interview with 5 team managers showed that risk management and risk factors such as scheduling risk and cost risk have an impact on firm performance and also there is presence of barriers in the process risk management.

… Management & Data Systems, 2004

Dr. Malaya Nayak,

Risks management is indeed an essential part of the IT department. Opportunities for IT administration broadens to provide a reliable atmosphere for the ongoing IT programs. Opportunity selection becomes a crucial element in the performance of IT programs. The present report analyzed the risks of an IT organization as well as whether the possibility its adequate administration is linked to the performance of the company.Such assessment occurs in the context of risk management as well as the effect of the risk controller on the success of the application. Achievement investigation and risk monitoring as well as controlling are also linked to the qualitative delivery of IT companies. When risk control is attributed correctly, it is possible to increase the successful completion of projects, which, can then be properly managed.

IAEME PUBLICATION, 2020

Risk management has emerged as an important component of projects these days, particularly information technology projects which are complex and dynamic in nature. Risk management constitutes different components and organisations are required to strategies it keeping in mind different dimensions of IT projects. The present study aims to review the types of risk in IT projects and subsequently recommended the innovative and dynamic ways to overcome it. IT projects are generally characterised by scheduling, cost and performance risk. Organizations by having risk management strategies in place such as avoidance, transference, mitigation and acceptance in place can identify, analyze, prioritize and mitigate risk factors. A survey of 100 team members of IT projects and interview with 5 team managers showed that risk management and risk factors such as scheduling risk and cost risk have an impact on firm performance and also there is presence of barriers in the process risk management.

2011

The companies are facing some risks due to changes in a dynamic environment. If risks are not managed properly, it will have some negative impacts on the companies at the present and the future. One important function of the Information Technology (IT) governance is risk management. Risk management in IT project aims to provide a safe environment for IT projects undertaken. Risk management becomes an important process for the success of IT projects. This article discussed the risk of IT project and whether there was a relationship between risk management and the success of the project. The method used was performing a literature review of several scientific articles which published between 2010 and 2014. The results of this study are the presence of risk management and risk manager influence the success of the project. Risk analysis and risk monitoring and control also have a relationship with the subjective performance of IT projects. If risk management is applied properly, the chance of the success of the projects undertaken can be increased.