How Vital Risk Management Is An Organization - 2552 Words

Abstract This paper reflects meta-analysis of how vital risk management is to an association. Additionally distinguished are those events or issues that emerge during the course of an engagement that may affect the successful outcome of the project. This paper closes with showing new headings to highlight the steps included in diminishing the dangers that present themselves when arranging an IT anticipate. Keywords: IT, management, organization, planning, project, risk, technology 2. Introduction 2.1 IT Project Management IT project management is the methodology of planning, organizing and delineating responsibility for the completion of organizations specific information technology goals. As per the†¦show more content†¦2.2 Definition of Risk Project risk is defined by PMI as an uncertain event or condition that, if it occurs, has a positive or negative effect on a project s objectives . A Risk can be virtually anything. It can be the upcoming implementation of an activity that has never been performed before and therefore the outcome or duration is very uncertain. It can be the potential loss of a key project personnel resource to another project. It can be the unknown status of funding from the customer side for an upcoming phase of the project. It can be the use of a new technology for the overall solution or for accomplishing specific tasks on the project. 2.3 Risk Management According to project Management Tips, â€Å"Risk management is the organized process of identifying, analyzing, and responding to project Risk. It includes maximizing the probability and consequences of positive events and minimizing the probability and consequences of adverse events to project objectives.† Essentially, risk management can occurs anytime, when an investor or a project manager analyzes to compute the possible reason for losses in an investment and then takes the appropriate action (or inaction) given their investment objectives and risk forbearance. 2.4 IT Project Risk Management IT project risk management is therefore, the process of identifying, mitigating, and controlling these known risks, in order to increase the probability of meeting project objectives thus increasing the