IT Risk Management

Ananth Natarajan and Geetha Gopal

Chapter 11 in Managing Information Technology Projects:Building a Body of Knowledge in IT Project Management, 2023, pp 282-314 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Risk is associated with uncertainty and seen as a threat to the expected outcomes in project management. In Information Technology (IT) projects, the context of risk management goes beyond the common performance measures of scope, time, and cost for the project itself, as these projects may have an ever-larger impact on business performance if they underperform. This chapter reviews the factors that influence and increase risks in projects. It also reviews and reconciles different approaches to IT project risk management. General risk management methodologies, approaches, and tools are reviewed. Complexity in projects and the project portfolio, which can lead to unexpected emergent outcomes, is reviewed. Best practices in identifying, analyzing, mitigating, controlling, and governing risks are considered and discussed. The success approaches in other industries like Energy, Procurement, and Construction (EPC) are considered for use in IT project risk management. Lessons are drawn and recommendations for successful risk management are discussed.

Keywords: Managing IT Projects; Information Technology; Project Management; Innovative Technology (search for similar items in EconPapers)
JEL-codes: D8 O32 O33 (search for similar items in EconPapers)
Date: 2023
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