Information Technology Project Risk Factors Essay

1906 Words 8 Pages
The failure of Information Technology projects has always been a hurtful problem for many organizations. With tons of new technologies coming out throughout the year, new IT, projects continue to grow by the year. Unfortunately, the success rates of the projects are very low and have actually lowered since its last estimate. Project risk factors are important to know and avoid in making of a success project. This paper is going to explain risks in knowledge areas, how to identify risks, and explain the risk register. Also, it’s going to identify and define the qualitative and quantitative risk analysis. In addition, it will cover planning for positive and negative risk responses. Finally, it will conclude with how to monitor and …show more content…
The first criterion is user involvement, which is rated 19 points. Examples of this would be if the project team has the right users, what they need, and how to involve the users. The second criterion is executive management support, which is ranked 16 points. Examples of this would be if the project team has a good plan and if they have the right executive manager. The third criterion is developing a clear statement of requirements, which is ranked 15 points. Examples of this one is if the project management team has a business case, a risk assessment, and if they have a functional analysis. The fourth one is proper planning, which is ranked 11 points. Examples of this would be if the team has a problem statement, a solution statement, and a firm specification. The fifth criterion is setting realistic expectations, which is ranked 10 points. Examples of this would be if the project team has clear specifications, milestones, and if they can prototype. The sixth criterion is smaller project milestones, which is ranked nine points. Examples of this would be if the team is setting time limits, using a prototype, or if they are going to use the 80/20 rule. The seventh criterion is competent staff, which is ranked eight points.

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