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IT Project Risk Management - Research Paper Example

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This paper is about IT project risk management. In this research paper, writer seeks to develop a typology of effective strategies that will guide managers to develop specific plans meant to control risk IT projects. …
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IT Project Risk Management
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Download file to see previous pages California Technology Agency (2011) asserts that most of the business managers are not privy of the magnitude IT-related risks in projects management a firm will be exposed. Most of these managers are only able to learn the value of IT-related risks after they have computed the amount of damage the risk has brought about. According to Leong California Technology Agency, (2011) past research studies have primarily been concerned with how effective IT-related risks may be analyzed and compensated for. Therefore, it would be imperative for IT managers constantly to embrace the holistic view of IT project risk management rather than just focusing only on financial issues. There exist little empirical research studies showing the correct way of handling the management of the IT-related projects risks during the launching of the project.
Though a myriad of studies have been done in regards to I.T project risk management, (California Technology Agency, 2011, Haney, 2009, Talet, Zin &Houari, 2014, & Texas Tech University, n.d), there is still little empirical research on how effective IT risk management can be handled at the time of executing projects. In this research paper, I will seek to develop a typology of effective strategies that will guide managers to develop specific plans meant to control risk IT projects.
Uncertainty is a central feature in the process of an effective project management. Effective practice of project management is thought to be a product of an effective management of uncertainty. For instance, good practice in co-ordination, planning, change control procedures, and setting milestones seek to directly manage uncertainty.
Recognizing threats and opportunities is an important aspect in an effective project management. For instance if the implications of good luck are not captured and it is only the bad luck is seized, the accumulated impact on the project will be negative. Positive thinking and creativity, that looks beyond merely neutralizing or overcoming a problem associated with opportunities is a great incentive when it comes to effective project management (Nae, 2002).    ...Download file to see next pagesRead More
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