Information Technology Project Risk Management: Bridging the Gap between Research and Practice

2012 ◽  
Vol 27 (1) ◽  
pp. 17-34 ◽  
Author(s):  
Hazel Taylor ◽  
Edward Artman ◽  
Jill Palzkill Woelfer
Keyword(s):  
Risk Assessment ◽  
Information Technology ◽  
Risk Management ◽  
Assessment Process ◽  
Project Risk Management ◽  
It Projects ◽  
Project Risk ◽  
Research And Practice ◽  
Risk Assessment Process ◽  
It Project

The gap between research and practice is strikingly evident in the area of information technology (IT) project risk management. In spite of extensive research for over 30 years into IT project risk factors resulting in normative guidance on IT project risk management, adoption of these risk management methods in practice is inconsistent. Managing risk in IT projects remains a key challenge for many organizations. We discuss barriers to the application of normative prescriptions, such as assessments of probability and impact of risk, and suggest a contingency approach, which addresses the uncertainties, complexities, and ambiguities of IT projects and enables early identification of high-risk projects. Specifically, in a case study, we examine how the project management office (PMO) at one organization has bridged the gap between research and practice, developing a contingency-based risk assessment process well founded on research knowledge of project dimensions related to project performance, while also being practical in its implementation. The PMO's risk assessment process, and the risk spider chart that is the primary tool in this assessment, has proven to be effective for surfacing inherent risk at the early stages of IT projects, thereby enabling the recommendation of appropriate management strategies. The PMO's project risk assessment process is a model for other organizations striving to engage in effective and collaborative practices in order to improve project outcomes. The case illustrates the importance of considering the practical constraints of the context of application in order to transform research findings into practices that promote attainment of desired outcomes.

scholarly journals Representing IT Projects Risk Management Best Practices as a Metamodel

2017 ◽  
Vol 7 (5) ◽  
pp. 2062-2067 ◽  
Author(s):  
A. El Yamami ◽  
S. Ahriz ◽  
K. Mansouri ◽  
M. Qbadou ◽  
E. Illoussamen
Keyword(s):  
Risk Management ◽  
Best Practices ◽  
It Governance ◽  
Project Risk Management ◽  
Review Of The Literature ◽  
It Projects ◽  
Project Risk ◽  
Professional Environment ◽  
It Project ◽  
The Subject

Although still relatively new, the field of IT Governance has its own bodies of knowledge that include various methodologies, frameworks and techniques supported by an increasing growing base of research. IT Project Risk Management has since emerged as its own field. Many frameworks and methodologies were proposed by both practitioners and researchers. A review of the literature about the subject shows that there is a divergence between the two. The practitioners propose a set of good practices from professional environment but the heaviness of the proposed guides does not allow its application and adoption by managers or it’s improvement by researchers. Thus it calls for specific focus on IT governance frameworks best practices modelling in order to reach fusion between practitioners and researchers contributions. In this paper, special attention is dedicated to Project Management Institute’s guides. The main objective is representing IT Project Risk Management best practices as a Metamodel in order to complement different areas of knowledge.

scholarly journals THE CURRENT STATE OF PROJECT RISK ASSESSMENT AND EDUCATION NEEDS IN PROJECT RISK MANAGEMENT

2019 ◽  
Vol 7 ◽  
Author(s):  
Matej Masár ◽  
Mária Hudáková
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Project Managers ◽  
Project Risk Management ◽  
Project Risk ◽  
Qualitative And Quantitative ◽  
Current State ◽  
The World ◽  
Project Risks ◽  
Project Risk Assessment

Current trends show that education in the field of project risk management is a very actual topic. Long - term projects, which was realized in 2018, was mainly focused on R&D across the world. Short - term projects, was focused on innovation and improve manufacturing processes. Many projects failed because project managers did not manage project risks. Project managers have less knowledge and skills on how to effectively manage project risks, especially risks in the planning phase of projects. The main aim of this article is to analyze the current state of usage project risk assessment across the world, based on own empirical research, which was provided, by authors in 2018 and 2019 (mainly level of usage project risk management methods, experience and level of education). The research focused on analyzing the current state of project risk assessment among continents. The authors focused on the average level of use qualitative and quantitative project risk analysis by project managers, level of project risk management experience by project managers and complexity of learning in using of qualitative and quantitative project risk management methods and tools.  Some recommendation were established to educate project managers in the field of project risk management.

Improving Objectivity in Project Risk Management

2017 ◽  
pp. 248-265
Author(s):  
Kailan Shang
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Expert Knowledge ◽  
Process Mining ◽  
Critical Role ◽  
Project Risk Management ◽  
Project Risk ◽  
Resource Misallocation ◽  
Back Testing ◽  
Subject Matter Expertise

Project risk management requires subject matter expertise to identify and assess relevant and sometimes unique risks. Insufficient experience data and fast evolvement of emerging risks in the field of project risk management make qualitative analysis more prevalent in project risk assessment. Therefore, expert knowledge and experience play a critical role in project risk management. On the other hand, the resulting subjectivity often leads to inconsistent risk assessment. Undesired consequences include cost underestimation, risk underestimation and resource misallocation. This chapter discusses the causes and adverse impact of subjectivity in project risk management and methods to improve objectivity. It covers common human biases in project risk management and introduces measures to improve objectivity in project risk management using expert diversification, risk culture, process mining, fuzzy logic models, and back testing.

Information Systems Risk Management

2009 ◽  
pp. 68-84 ◽  
Author(s):  
Aditya Ponnam
Keyword(s):  
Information Technology ◽  
Risk Management ◽  
Assessment Process ◽  
Regulatory Requirements ◽  
Technology Infrastructure ◽  
Risk Assessment Process ◽  
Information Technology Infrastructure ◽  
External Threats ◽  
Enterprise Risk ◽  
Management Procedures

Organizations worldwide recognize the importance of a comprehensive, continuously evolving risk assessment process, built around a solid risk strategy that properly manages internal and external threats. A comprehensive enterprise risk management strategy must ideally contribute to the protection of the organizations’ assets, operations, shareholder’s value, and customer satisfaction while meeting imposed regulatory requirements and standards. As IT represents an integral part of the process required to achieve the aforementioned objectives, managing the risks associated with the information technology infrastructure of an organization is critical. The goal of this chapter is to review the most common risks and threat agents for a typical organizations’ information technology infrastructure and to discuss how systematic risk management procedures and controls can manage and minimize these risks.

scholarly journals PENGUKURAN RISIKO PROYEK PADA PERUSAHAAN TEKNOLOGI INFORMASI DI INDONESIA

2009 ◽  
Vol 3 (2) ◽  
pp. 70
Author(s):  
Rudy M Harahap ◽  
Andri Setiawan ◽  
Adi Subakti Kurniawan ◽  
Merlin Mulia
Keyword(s):  
Information Technology ◽  
Risk Management ◽  
Risk Mitigation ◽  
Development Project ◽  
It Projects ◽  
Software Development Project ◽  
It Project ◽  
Information Technology Project ◽  
Project Risks ◽  
Implementation Failure

The success rate of information technology (IT) projects is still low. Based on one survey done in 1990s, only about 10% of software development project could be finished according to its planned budget and schedule. Another study in 1995 found that only 16.2% IT project succeed, and at the same time more than 31% IT projects were cancelled before finished. It has been found a lot of IT projects had been implemented with swelling budget. Although it is still debatable, one of the reasons of IT project implementation failure is because risk management in some IT projects is not implemented by the IT providers. The objectives of this research are to get knowledge and assess risks in implementing IT projects. This research also gives recommendations in mitigating IT project risks. In two projects that were used as sample of this research, it has been found some risks that could be happened in IT projects. That risks were then assessed based on the probability and its impact, and finally produced the recommendation for risk mitigation. All risks are described in the Risk Priority, moreover risk probability and impact is described in the probability-impact matrix from all of 4 levels. This research could improve the awareness of IT providers in Indonesia about the important of implementing IT risk management so that more IT projects in Indonesia could be run successfully.Keywords: Risk assessment, information technology project, impact, frequency

The Rational Choice of Not Applying Project Risk Management in Information Technology Projects

2009 ◽  
Vol 40 (3) ◽  
pp. 72-81 ◽  
Author(s):  
Elmar Kutsch ◽  
Mark Hall
Keyword(s):  
Information Technology ◽  
Risk Management ◽  
Project Management ◽  
Project Managers ◽  
Project Risk Management ◽  
Management Process ◽  
Information Technology Projects ◽  
Project Risk ◽  
Risk Management Process ◽  
Project Management Institute

The management of risk is considered a key discipline by the Project Management Institute and the Association for Project Management. However, knowledge of what needs to be done frequently fails to result in action consistent with that knowledge. The reasons for this seem to have received little attention. This study researched the degree of use of project risk management and barriers that prevent IT project managers from using risk management. Interviews and a survey were carried out. The results show that, in one-third of cases, because of the problem of cost justification, no formal project risk management process was applied.

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