Contents

• Introduction
• Project risk management
• Risk factors
• Different approaches to project risk management process
• Four phases of risk process
• Conclusion
• References

Description

‘If you don’t manage risks, they will certainly manage you’, a maxim well said has lot to say in context with the management of projects in IT and in general also. Risk is something where some potential of going things wrong comes into the question. Taken lightly these risk factors can turn into havoc for your projects. Thus it is very important that a project manager should inlay risk management while planning for project. This will not only help him saving project from unexpected crises but also will improve the efficiency and productivity of project work as all are well prepared for any deviation from anticipated flow of results. Information Technology or more popularly known as IT is quite versatile and complex where the risks are more prone to occur. These uncertainties and risks are more to arise in IT sector as IT field is very unpredictable and hence lots of external and internal issues crops up into the midway of IT projects. A well planned project with all set targets may produce drastic results if risk assessment has not been considered into the project management schedule. Not only you loose your client with untimely delivery but you also loose a trust level and more often your competency level becomes more than a question.