Risk Management In IT Projects Research Articles

USING ARTIFICIAL INTELLIGENCE FOR RISK MANAGEMENT IN PROJECTS WITH THE SCRUM METHODOLOGY

In the rapidly evolving area of Information Technology projects, the integration of Artificial Intelligence into project risk management assessment processes represents an innovative approach that could pitch a risk evaluation process. The study investigates the standard risk management strategies and their limitations in the context of agile project environments by Scrum methodology. Standard methodologies for risk management often fall short in dynamically adapting to the rapidly changing schedule and evolving requirements characteristic of Agile projects. This gap in effectiveness becomes especially important when dealing with projects managed under the Scrum methodology, which prioritizes flexibility, rapid iteration, and stakeholder involvement. The study proposes an innovative solution to this problem through the application of AI technologies, which can significantly enhance both the precision and depth of risk assessments. The study explores several AI models, highlighting their potential to revolutionize risk management in IT projects. One of the key insights from the study is the ability of AI to process and analyze big amounts of data at a speed and efficiency that is impossible to achieve with a regular expert team. This capability allows for real-time risk assessment, enabling project teams to make informed decisions quickly and adapt their strategies to mitigate potential issues before they grow into significant problems. Moreover, AI's predictive analytics can forecast potential risks based on historical data, allowing for proactive risk management rather than reactive. The research further discusses the implementation challenges and considerations for incorporating AI into Scrum-based projects, including ethical considerations, data privacy concerns, and the need for interdisciplinary expertise to design, deploy, and manage AI-enhanced risk management systems.

Information technology of integrated management of threats and opportunities inIT projects

Nowadays, information technology plays a significant role in increasing the efficiency of any company by focusing its attention on market trends, reducing and increasing competition for maximum profit. Based on the results of the analysis of scientific works, the author concluded that the existing information technologies in project risk management can be partially applied to manage the risks of IT projects, taking into account threats and opportunities. Therefore, this study is dedicated to solving the scientific and practical problem of developing information technology for risk management in such projects, which would consider the impact of threats and opportunities. The developed structure of the information base of the integrated management of threats and opportunities in the IT project will make it possible to implement risk management models and methods toensure the accumulation of statistical and expert information on the management of threats and opportunities. The structure of the information technology of integrated management of threats and opportunities in the IT project, as well as the scheme of its implementation, have been developed, which in turn will enable the project manager and his team to implement the relevant models and methods developed by the author in order to ensure the successful and timely implementation of the project to meet the needs of project stakeholders. The given algorithm for filling the information technology of integrated management of threats and opportunities in the IT project will allow managing risks taking into account threats and opportunities in accordance with the developed models and methods of integrated management of threats and opportunities in the IT project, which differs from modern approaches to risk management in project management methodology and programsand will reduce negative impacts and take into account positive impacts in such project. Thus, the obtained results make it possible to increase the effectiveness of risk management in IT projects, taking into account the impact of threatsand opportunities on them.

ПРОЦЕС УПРАВЛІННЯ РИЗИКАМИ В ІТ-ПРОЄКТАХ

The purpose of the article is to study the process of project risk management and develop recommendations for its adaptation for IT projects. In the sphere of project management in the formation of project risk management process most often relies on international standards. The article presents an overview of the process of project risk management according to the standards: Project Management Body of Knowledge (PMBOK), International Organisation for Standardisation (ISO); Projects in Controlled Environments (PRINCE2). It is determined that the presented standards are sufficiently structured and can be applied to risk management in various projects, including those in the field of information technologies. The peculiarities of the risk management process in IT projects in accordance with the Microsoft Solutions Framework methodology are disclosed. It focuses on the formation of risk management process in projects in accordance with the Risk Management Maturity Model; Capability Maturity Model Integration (CMI); Maturity Level of Risk Management in IT Projects. IT projects have specific characteristics, and market competition, customer requirements, rapid development of technologies, team qualification – all this requires adaptability to the formation of the risk management process. When forming a risk management process in IT projects, especially in IT startup projects, the choice of a standard, methodology, or a combination of them (individual sections) should take into account the specifics of the project, project team, management, corporate culture, segment and market conditions, stakeholders, qualification of specialists engaged in risk management. In order to improve the effectiveness of risk management in IT projects, it is recommended that IT companies create structural and infra-red elements of risk management, namely: to attract risk management specialists; to develop job descriptions that define their functional duties and responsibilities; to develop corporate standards for risk management.

Method of the risk management of IT projects taking into account threats and opportunities

Method of the risk management of IT projects taking into account threats and opportunities

Effects of Contractual Governance on IT Project Performance under the Mediating Role of Project Management Risk: An Emerging Market Context

In this study, we explore the impact of contractual governance (CG) on project performance (PP) under the mediation of project management risk (PMR). Contractual governance influences favorably IT projects performance in an emerging market context where the IT sector is growing. The principal-agent theory is used to build a research model that schedules project governance and IT project risk management. Data were collected from 295 IT professionals and the response rate was 73.75%. Smart PLS was employed to test proposed relationships. The findings postulate a strong causal relationship between the CG, PP and PMR. Fundamental elements (FE), change elements (CE), and governance elements (GE) have a significant positive relationship with project management risk (PMR), and PMR positively affects PP. Additionally, PMR mediates the relationship of FE, CE and GE with PP. Overall, the results of the study provide pragmatic visions for IT industry practitioners and experts, but the unscheduled risk to the IT industry may bring enormous harm. Consequently, effective and well-structured governance in a strategic way tends to improve the project performance by monitoring and managing both project risk and quality. In addition, the study empirically supports the significant impacts of project governance dimensions i.e., fundamental elements, change elements and governance elements on project management risk and project performance. It also guides researchers and adds value to the project performance-related literature by filling the gap.

Assessing the Maturity Level of Risk Management in IT Projects

The purpose of the article is to determine the maturity level of risk management in IT projects. To achieve this goal, the most popular risk management maturity models were analyzed. This analysis allows the identification of methods and mechanisms for determining maturity levels, the identification of strengths and weaknesses for each model, and the study of findings obtained from their use. Based on the data obtained, the author’s risk management maturity model in IT projects was developed and tested, considering the strengths and weaknesses of the analyzed models. Based on the analysis results and empirical data, it was found that the application of the created model allows the determination of the current maturity level of risk management in IT projects, the identification of these projects’ management problems, and the development of recommendations for increasing the level of management. The results have shown that the transition to the Standardized maturity level eliminates 105 universal risks and significantly increases the chances of successfully achieving the designed goals. In addition, it was found that the evaluation of the risk elimination effectiveness and efficiency and the best risk management practices identification and standardization are the main processes that ensure the transition to higher maturity levels. The obtained results suggest that the created author’s risk management maturity model in IT projects can become a tool for identifying the best contractor (performer, supplier), which guarantees the development of the desired IT product.

Formation of the system of integrated risk appetite management during it project implementation

The object of research is the risk appetite of an IT project. It is important for the implementation of an IT project to determine the critical values of indicators important for the activity, which predetermines the need to define and manage risk appetite. Risk appetite management in the implementation of an IT project directly affects its successful implementation and requires theoretical and methodological foundations for its consideration in the project management system. By establishing risk appetite, the project manager determines how much risk s/he is willing to take in order to achieve the key goals of the project. The definitions of "risk appetite", "risk tolerance", "risk appetite" in the implementation of IT projects have been clarified. It is determined that risk appetite should be considered as an integral set of IT project risk, which affects the achievement of the set goals: completion of the project in time, volume and budget that have been agreed. Risk tolerance defines acceptable limits for individual operational risks of the project. This will allow project participants to understand the limits of their authority and responsibility in risk management. A survey of project managers was conducted on their understanding of risk appetite and its use in project management. As a result, the most significant risks and the most used indicators and methods for establishing the risk appetite of IT projects were identified. This made it possible to generalize the experience of establishing and using risk appetite in IT projects. Also, based on the results of the study, an integrated risk appetite management system for the implementation of an IT project is proposed. This will allow balancing the permissible risk limits and the desired goals of its implementation during the implementation of the IT project. At the same time, an important place is occupied by taking into account the interests of stakeholders and their vision of the results, taking into account the risks. The findings reported here could make it possible to systematize risk management of IT projects and determine it as part of a single integrated project management process

A Study of Risk Management in IT Projects in the UAE and Its Significance for Successfully Completing Projects

Project management is an essential part of any kind of endeavor, and risk management is an essential part of that. Several aspects of risk, management procedures, the efficiency of the project, and its final conclusion all contribute to the project's overall success. Project managers need to pay careful thought to the many facets of each variable to ensure the project's overall success. If there is inefficiency in any part of the process, regardless of how little, it will have a significant impact on the project's timeliness, profitability, and quality of service provided to customers. The purpose of this research is to examine the interconnections between IT projects carried out by different businesses in the United Arab Emirates on multiple levels, including project dimensions, risk management practice, project effectiveness, project delivery, profitability, and customer satisfaction.

Управління ризиками ІТ-проєктів: сутність та особливості застосування підходів PMBoK і AGILE

Recently, the relevance of risk management of IT projects has increased significantly, which is associated with their rapid development and a high level of uncertainty in the external environment. The purpose of the study is to determine the features of risk management of IT projects on the basis of modern theory and practice of project management. The paper analyzes the essence of the concept of «IT project», as well as identifies its features, including: non-standard life cycle; mobility and ambiguity of some areas in the IT field; high level of uniqueness of the project; dependence on other IT projects and technologies; low level of project expertise due to the uniqueness of the technologies on which the project is based; high level of project complexity and uncertainty. The essence of the concept of «IT project risk» is also defined, the main types of risks are characterized. The features of using the PMBoK (Project Management Body of Knowledge) methodology in project risk management are analyzed. A characterization of the stages of risk management in IT projects based on the PMBoK approach is provided, including: risk planning; risk identification; qualitative and quantitative risk assessment; planning a risk response strategy; monitoring and control of risks. It is determined that risk management of IT projects using the PMBoK approach has significant shortcomings if used in conditions of a high level of uncertainty and novelty of the project. The article also provides a characterization of flexible risk management of an IT project based on the Agile methodology, which in turn is based on an iterative approach, continuous risk assessment and the development of measures for their adaptation. A comparative characterization of the approaches of PMBoK and Agile to risk management of IT projects is provided: their strengths, weaknesses, and areas of application are identified. It is noted that the choice between PMBoK and Agile approaches should be based on the specific needs of the project and the organizational context. PMBoK will be appropriate for large, long-term projects, as well as in situations where predictability, adherence to the plan are crucial, while Agile is best suited for innovative projects that are implemented in an uncertain or dynamic environment and require flexibility, quick adaptation, and customer focus. A significant number of project managers in the IT field prefer a hybrid approach that combines the strengths of both methodologies.

Стан і тенденції досліджень з управління проєктними ризиками

The aim of the article is to determine the contextual and temporal regularities of the development of the presentation in the scientific literature of research in the field of project risk management using bibliometric analysis. To achieve this aim, this study analyzed the following: the trend and structural patterns of publication activity of scholars around the world; the geographical structure of affiliation of scientists; the topics of the most cited articles on project risk management, also a bibliometric analysis using the instrumentarium of VOSviewer v. 1.6.10 as the research tools for analyzing relevant literature from the Scopus database on project risk management. A bibliometric analysis with the central category of «project risk» made it possible to identify eight clusters of scientific research on project risk management: the first cluster is focused on risk management methodology, investment and innovation risk, development and implementation of an innovative product, startup; the second – on project risk management in the field of information technology, information systems, software, identification of risk factors and evaluation of project efficiency; the third – on the optimization of risk management, modeling, the use of methods and instruments in the risk management system (hierarchy analysis method, fuzzy logic method); the fourth – on the assessment of risk probability, cost and complexity of the project; the fifth – on the assessment of the quality of the project, substantiation of the management strategy; the sixth – on the peculiarities of the product life cycle, project infrastructure, management of specific project risks (stakeholders, political situation, technology development); the seventh – on the practical application of standards, algorithms, and models of project risk management; the eighth cluster is based on substantiating the choice of the project, setting risk limits, developing algorithms, and using artificial intelligence. A promising area of management is risk management in the field of information technology, namely: risk management of IT projects and software; development and implementation of startups and innovative products; the use of machine learning and artificial intelligence.

Sustainable Risk Management in IT Enterprises

A synthesis of literature studies covering the determinants of agile project management methods, risk management processes as well as factors influencing the shaping of project success and failure clearly indicates that in most publications on risk in agile managed projects, the human factor is heavily underestimated at the expense of often excessive favoring of procedures. Meanwhile, after analyzing the risk factors that arise in agile-managed IT projects, it became apparent that in addition to aspects such as technology, hardware, system, or even project schedule and cost, the project team is highlighted, which is also the second concept with the GPM P5 Standard for Sustainability in Project Management. Thus, the purpose of this article is to develop a model for risk management in IT projects. As a result of the empirical research carried out by means of an expert interview (108 experts) and a questionnaire survey (123 respondents), a risk management model was developed and six original risk management areas were identified, describing 73.92% of all risk factors that may occur during the implementation of an IT project. Furthermore, empirical studies confirm that basic processes such as risk factor identification, impact assessment, and key risk factor management are used by managers and/or team leaders during the implementation of IT projects.

INFORMATION TECHNOLOGY PROJECT ENVIRONMENT IN THE UNITED ARAB EMIRATES (UAE)

In this research, strategic risk management of IT projects towards a precise definition of the role of top management has been investigated and conceptualized. The study contributes to the body of knowledge in the area of strategic management in IT projects as there is a shortage of literatures in the area. The study shapes on known theories towards the formation of unknown theories which can serve as grounds for future researches in the area of strategic management of IT projects. The population of the research includes all IT professionals and senior management officials of institutions in UAE with a dedicated IT department and the sample size was determined as 384 respondents, and finally collected 371 altogether. Through a careful analysis of findings, results revealed significant and positive predictive effects of both strategic planning processes and strategic risk integration on IT project environment. Article visualizations:

STRATEGIC RISK MANAGEMENT TOWARDS INFORMATION TECHNOLOGY PROJECT ENVIRONMENT: AN EMPIRICAL STUDY IN THE UNITED ARAB EMIRATES (UAE)

The strategic risk management of IT projects towards a precise definition of the role of top management has been investigated and conceptualized in this research. The study contributes to the body of knowledge in the area of strategic management in IT projects as there is a shortage of literatures in the area. The study shapes on known theories towards the formation of unknown theories which can serve as grounds for future researches in the area of strategic management of IT projects. The population of the research includes all IT professionals and senior management officials of institutions in UAE with a dedicated IT department and the sample size was determined as 384 respondents, and finally collected 371 altogether. Through a careful analysis of findings, results revealed significant and positive predictive effects of both strategic planning processes and strategic risk integration on IT project environment. JEL : G30; G32 Article visualizations:

A Method for Effective IT Project Risk Management

In this paper we introduce a project risk control strategy that is developed regarding IT organizations, requiring them to operate their projects having further securities along with regular procedures. Successful completion of these projects is essential for their advancements, like process improvement, market adaptation and new regulation, including the integration of information and control systems, etc. Often, project managers are not real strategic planning experts, however, the projects will have to still be driven by limited paperwork with sufficient opportunity to be autonomous. This paper attempts to build a method with a comprehensive investigation throughout a large proportion of IT companies regarding the project risk reduction strategy described herein. This approach is focused on risk evaluation and management of IT projects within the organizations, which, provides easy, suggested steps as well as recommended methods, models and threat check-lists. Results were evaluated by5 successful IT project managers dealing in categories of IT business including software engineering firms from different attributes (creativity, software solutions as well as ICT frameworks).

Characteristics of Effective IT Project Risk Management in Romanian IT Companies

Characteristics of Effective IT Project Risk Management in Romanian IT Companies

Features of methods and models in risk management of IT projects

IT projects are carried out in the context of the constant development of rapidly obsolete technologies and the variability of user expectations. Implementation of IT projects is closely related to risks, the nature of which depends on factors such as subject area, technology used, number of involved developers, etc. Risk management (RM) is multivariate, which determines the search for comprehensive solutions to increase the effectiveness of RM in projects. For IT projects, this problem is particularly relevant due to the backlog of knowledge gained from technology development and intangible results that limit the possibilities of initial planning and risk control. The object of the article's research is the RM process of IT projects. The subject of the study is to determine the issue of selecting and using RM methods and models, taking into account the peculiarities of IT projects. Two groups of methodologies are allocated: methodologies-standards and methodologies based on system development lifecycle (SDLC). PMBOK and ISO 21500 are referred to standard methodologies. The classification of project management (PM) methodologies is generalized. PM methodologies based on system life cycles include flexible Scrum methodologies, Kanban and extreme programming, as well as cascading PM methodologies using the critical path method (CPM) and critical chain project management (CCPM) projects. As a result of the analysis of the main characteristics of IT projects, the peculiarities of the application of methods and models in the management of risks of IT projects in comparison with projects in other fields are determined. The received recommendations can be used for decision-making in the management of IT projects when the project goals are achieved through the correct identification, assessment, and risk control.

Responding--or Not--to Information Technology Project Risks: An Integrative Model

This study proposes and tests a model that explains and predicts risk response decisions of IT project managers (ITPMs), blending the domains of the theory of planned behavior (TPB) and behavioral decision theories, and leveraging IT project risk management behavioral research. The model posits that a risk response decision is indirectly influenced by perceived risk exposure via overall risk response attitude. The model conceptualizes perceived risk exposure and overall risk response attitude as second-order constructs and examines the dimension-level relationships within each. The model hypothesizes that a risk response decision is also influenced by pressures ITPMs perceive for or against enacting a specific risk response, by a negative synergy effect between overall risk response attitude and perceived pressures, and by their perception of control—or lack thereof—over enacting the risk response. The model was instantiated for three specific risk responses: having user representatives as team members, appreciating team members’ work in a tangible way during the project, and dedicating much effort to planning. Each model instance was tested in a separate survey (N > 111 per survey, total N = 349). The results support the hypotheses, except for the influence of perceived control, which varied across instantiations of risk responses. Among other antecedents, overall risk response attitude is found to have the strongest effect on risk response decisions. The findings stress the effect of ITPMs’ salient beliefs about specific risk responses on their decision to enact a given response and thus pave the way for designing behavior change interventions.

Identification and Mitigation of Risks in it Projects: A Case Study During the Merger Period in the Telecommunications Industry

This paper identifies risks in IT projects in the merger period in telecommunications companies and proposes mitigation actions. It adopts an interpretive epistemology in an exploratory case study. The results include a list of 13 exclusive risks in IT projects in such a period and recommendations for mitigating the risks identified in the study. The theoretical contribution lies on the identification of 13 exclusive risks in IT projects in the merger period between two telecom companies, and the contribution to practice enables project managers to apply the findings identified and mitigations in risk management in IT projects in a similar setting.

大規模プロジェクトの教訓を今後のリスク管理に生かす : プロジェクトリスク管理ガイドラインの作成( プロジェクトと組織のリスク)

大規模プロジェクトの教訓を今後のリスク管理に生かす : プロジェクトリスク管理ガイドラインの作成( プロジェクトと組織のリスク)

Representing IT Projects Risk Management Best Practices as a Metamodel

Although still relatively new, the field of IT Governance has its own bodies of knowledge that include various methodologies, frameworks and techniques supported by an increasing growing base of research. IT Project Risk Management has since emerged as its own field. Many frameworks and methodologies were proposed by both practitioners and researchers. A review of the literature about the subject shows that there is a divergence between the two. The practitioners propose a set of good practices from professional environment but the heaviness of the proposed guides does not allow its application and adoption by managers or it’s improvement by researchers. Thus it calls for specific focus on IT governance frameworks best practices modelling in order to reach fusion between practitioners and researchers contributions. In this paper, special attention is dedicated to Project Management Institute’s guides. The main objective is representing IT Project Risk Management best practices as a Metamodel in order to complement different areas of knowledge.