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Evaluating ICT Project Risk: An Exploratory Study of UK and Czech Republic Practices

In: The FAP Model and Its Application in the Appraisal of ICT Projects

Author

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  • Frank Lefley

    (University of Hradec Králové)

Abstract

Although business is about accepting risks, the identification and assessment of project-specific risk is possibly one of the most controversial topics in project management theory and practice. While attempts have been made to include risk assessment as part of the financial appraisal process, this appears, to some extent, to have been unsuccessful. Baldwin1 argues in fact that ‘the rate-of-return figure should remain inviolate and should be complemented by a secondary factor indicative of the risk, thereby keeping sight of both economic effect and risk’. Risk and financial evaluations are two separate factors, and each will have an influence over the other, but their assessment should remain separate.2 It is important, however, when allowing for risk in appraising capital projects to make it not merely more difficult to accept a project.

Suggested Citation

  • Frank Lefley, 2015. "Evaluating ICT Project Risk: An Exploratory Study of UK and Czech Republic Practices," Palgrave Macmillan Books, in: The FAP Model and Its Application in the Appraisal of ICT Projects, chapter 4, pages 68-81, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-44352-6_4
    DOI: 10.1057/9781137443526_4
    as

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