Analyzing the Critical Role of Risk Management in IT Projects

Authors

Vandana Kumari

Abstract

IT projects are by nature highly complex and subject to numerous risks, such as technical failures, budget overruns, and timeline delays. Identifying, analyzing, and mitigating potential issues before they translate into problems is key to ensuring a project's success, especially with megaprojects, which is why effective risk management is vital. Key part of this article is importance of risk management in IT projects, the frameworks and methodologies used to manage risks, and best practices. When organizations have a clear insight of what uncertainties IT projects bring, they are able to better allocate resources and make better decisions, and ensure the accomplishment of project objectives with minimal disruption. This paper also identifies challenges and highlights actionable strategies to help cultivate a culture of proactive risk management.

Keywords

Risk Management, IT Projects, Project Success, Risk Mitigation, Decision-Making, Frameworks, Methodologies

Analyzing the Critical Role of Risk Management in IT Projects. Vandana Kumari. 2021. IJIRCT, Volume 7, Issue 2. Pages 1-6. https://www.ijirct.org/viewPaper.php?paperId=2501103