IT Project Risk Management Research Paper Example | Topics and Well Written Essays - 3750 words

IT Project Risk Management - Research Paper Example Additionally, efficient and successful project management requires effective management of all avenues that bring uncertainty into the project. The paper is structured into phases that outline how project risk management typology can be achieved effectively. The phases include the define phase, focus phase, identify issue-phase, Structure the Issues phase, Clarify ownership phase, Estimate Variability phase, Evaluate Overall Implications phase, and manage implementation phase. Currently, knowledge has been earmarked as an indispensable ingredient to innovative companies and to their overall objective of maintaining a competitive advantage over their rivals. In particular, knowledge has become an important factor in the development of dynamic key competencies, as well as the vocal point for companies to meet their global ambitions (Talet, Zin & Houari, 2014). IT, in particular, has become an important tool in all-important sectors, and any organization will highly feel the impact of any failure of IT project management on competitive advantage. 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 be en 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