Abstract
This study investigates project risk management in information technology (IT)
environment. The intention is to identify factors that will improve project success
in the financial sector.
To understand IT project success, project risk management in the financial sector
is investigated. All projects have risks associated with them. Many IT projects fail
because of uncertainty. In most projects, project risk management is seen as the
add-on in the project management processes. This means that it is not been
given full attention or being regarded as an important factor in project
management.
The lack of proper project risk management contributes to the failure of IT
projects according to the findings of this study. To successfully implement the
risk management plans, guidelines need to be in place. To bring the guidelines
closer to the hearts of IT project managers, a detailed step-by-step guide was
followed by this study.
The study also points out the many benefits both the client and the project
manager can achieve by virtually using project risk management processes.
Qualitative and quantitative analysis will be done to help achieve the best
benefits and clear understanding that will prevent project failures in IT.
Project risk analysis and management has so many benefits if used correctly.
Both the financial sector and their customers reap great benefits. Senior
management in particular will not run the risk of sponsoring failing projects.
Prevention is often the least costly and most reliable strategy for dealing with
risk, particularly in situation where the impact is high.
Professor N. Lessing