OVERVIEW OF THE RISK MANAGEMENT PROCESSES IN IT-PROJECTS IN THE CONTEXT OF PROJECT MANAGEMENT STANDARDS

Abstract

Increasing profits and minimizing any losses is an important issue for modern business that can be implemented through pro-active and strategically balanced and standardized management. Certainly, risk management is one of the main component and leading domain of the project management, programs or portfolio. It has to be highlighted that кisks should be identified initially together with the project estimates, which value should depend on the impact of the threats and opportunities. Here is important that applying risk management timely should help project managers to avoid possible errors, problems and project losses, the project goals and the satisfaction and expectations of project stakeholders can be achieved with the smallest effort with the help of skillful use of opportunities, taking into account standard project constraints – time, money, resources, scope of work and quality. Therefore, the article is dedicated to overview and comparison of the most important stages of the risk management process, including the definition and types of risks, the common concept of threats and opportunities, their standard classification, inherent characteristics and their differences and specifics, the best known modern methods of risk analysis and their up-to-date techniques and tools in the context of the most common and known standards in the modern space of the theory of project management that are based on the following popular world institute and non-profit organizations like Project Management Institute, International Organization for Standardization, Capability Maturity Model Integration, International Project Management Association, A Guidebook of Project and Program Management for Enterprise Innovation, Projects in Controlled Environments. Analysis of comparison for quantitative and qualitative analyzes was presented in this paper in terms of the most important aspects of project management domain. Common threats and opportunities belongs to IT projects are also considered.