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IT Risk Management

In: Managing Information Technology Projects Building a Body of Knowledge in IT Project Management

Author

Listed:
  • Ananth Natarajan
  • Geetha Gopal

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.

Suggested Citation

  • Ananth Natarajan & Geetha Gopal, 2023. "IT Risk Management," World Scientific Book Chapters, in: Srinath Perera & Robert Eadie (ed.), Managing Information Technology Projects Building a Body of Knowledge in IT Project Management, chapter 11, pages 282-314, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811240584_0011
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    More about this item

    Keywords

    Managing IT Projects; Information Technology; Project Management; Innovative Technology;
    All these keywords.

    JEL classification:

    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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