Project Risk Management

Paper Summary:

This paper discusses project risk management, particularly in the area of information technology (IT). It discusses the importance of project risk management to the development of profitability, especially in large scale production. It also describes the importance of accurate timelines and of research and development in the realm of IT. Finally, the paper looks at budget, support and end usability.

Table of Contents:
Introduction
Project Risk Management in IT
Timelines
Aspect of Research and Development
Budget
Needs of Project
Needed Infrastructural Change
Support
Security
End Usability
Conclusion

From the Paper:

"PRM in IT is specialized, and yet similar to other types of PRM. The development of information technology has in fact spurned the development of project risk management, as central core brain-like understanding of processes was not possible before the development of information technology and the success of its practitioners. As more and more people become aware of the fact that IT can create a program that will do anything, as long as it is aware of what is needed from the start, IT will become more essential to the development of project based management. Interestingly PRM has then been turned full fold upon the IT itself, as users begin to develop broader understanding of the possibilities and limitations of programs and programmers. PRM is then an integral aspect of planning and implementation for IT projects that refers to scope, schedule, resources and cost, (Thorn, 2001, p. 4) in such a way that the end product fits the needs of the organization, is supported and well utilized by it and meets all or most the planning goals of PRM."

Sample of Sources Used:

• Battles, B. E., Mark, D., & Ryan, C. (1996). An Open Letter to CEOs: How Otherwise Good Managers Spend Too Much on Information Technology. The McKinsey Quarterly, (3), 116.
• Bielski, L. (2004). Keep Proprietary Information in Its Place: Running an "Enterprise" with Control, Insight, and an Eye on Risk Management. A Checklist. ABA Banking Journal, 96(4), 52.
• Cats-Baril, W., & Thompson, R. (1995). Managing Information Technology Projects in the Public Sector. Public Administration Review, 55(6), 559-566.
• Fairbanks, S., Vance, D. A., & Chrisman, J. J. (2006). NAPECOR's Risk Management Venture. Entrepreneurship: Theory and Practice, 30(1), 97.
• Frame, J. D. (2002). The New Project Management: Tools for an Age of Rapid Change, Complexity, and Other Business Realities. San Francisco: Jossey-Bass.

More papers on Project Risk Management:

• Case Study # 93613 : "Project Risk Management"
• Dissertation or Thesis # 149415 : "UK Risk Management Policies"
• Term Paper # 105920 : "Insurance Risk Management"

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