IDEAS home Printed from https://ideas.repec.org/a/ora/journl/v1y2012i1p1014-1020.html
   My bibliography  Save this article

Risk Management Approaches And Practices In It Projects

Author

Listed:
  • DIDRAGA Otniel

    () (Faculty of Economics and Business Administration, Faculty of Economics and Business Administration)

  • BIBU Nicolae

    (Faculty of Economics and Business Administration, Faculty of Economics and Business Administration)

  • BRANDAS Claudiu

    (Faculty of Economics and Business Administration, Faculty of Economics and Business Administration)

Abstract

Risk is identified in project management literature as an important factor influencing IT projects success, and it is relevant for both academic and practitioners’ communities. The paper presents the past and current approaches to risk management in IT projects. The objective of this paper is to compare the different approaches and relate them to existing practices. Project management literature and practice have brought different approaches to risk management, and as a result, many projects ended in failure. We present how risk management is considered in the literature, and we compare the main two approaches: the evaluation approach and the management approach. The contingency approach does not consider risk management to be a specific process as it is an embedded process in the other project management processes. Then, we present the main practices in risk management. The methodology applied is based on documentary study review and analysis of the concepts used by the literature. We analyzed the literature published between 1978 and 2011 from the main journals for IT project management and found out that the essence of project management is risk management. The risk management practices have a considerable influence on stakeholders’ perception of project success. But, regardless of the chosen approach, a standard method for identifying, assessing, and responding to risks should be included in any project as this influences the outcome of the project.

Suggested Citation

  • DIDRAGA Otniel & BIBU Nicolae & BRANDAS Claudiu, 2012. "Risk Management Approaches And Practices In It Projects," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 1014-1020, July.
  • Handle: RePEc:ora:journl:v:1:y:2012:i:1:p:1014-1020
    as

    Download full text from publisher

    File URL: http://anale.steconomiceuoradea.ro/volume/2012/n1/149.pdf
    Download Restriction: no

    More about this item

    Keywords

    risk management; IT projects; risk management approach; risk management practice;

    JEL classification:

    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ora:journl:v:1:y:2012:i:1:p:1014-1020. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Catalin ZMOLE). General contact details of provider: http://edirc.repec.org/data/feoraro.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.