Requirement volatility has been identified as a significant risk factor behind software project success. This paper describes our findings of a 2-phase study comprising of interviews and surveys on the preparedness of organizations in managing requirement volatility and the resultant effect on project success and failure. Findings illuminate on the current level of awareness and management response to the problem of requirement volatility affecting software projects. The subjective treatment of project success/failure is brought ou t, and the association with requirement volatility is explored. Results are expected to lead to better governance mechanisms and improve project success rates under requirement volatility. INTRODUCTION Requirement volatility which refers to the change to requirements during the software development life cycle surfaces as a frequent and high impact risk in numerous empirical studies performed to identify risk factors, or to understand variables leading to a project's success or failure (Davis et al., 2008; Liu et al., 2008; Schmidt et al., 2001). The problem assumes a greater significance in the present context of increasing technical and business complexity, and hence management of requirements becomes a prerequisite behind successful project outcomes (Chen et al., 2004; Ferreira et al., 2009). Here we investigate the organizational awareness of requirement volatility, different approaches used for managing and measuring volatility, and its overall association with project success. The study also brings out the multiple perspective regarding software project success and failure, factors instrumental behind success of endangered projects, and prominent reasons to failure. Process model selection factors and characteristics under unsatisfactory outcomes have also been indicated. A process model (synonymously known as systems development life cycle model) referred above relates to a conceptual model used in IT project management that describes the stages involved in an information system development project, from an initial feasibility study through maintenance of the completed application. This research project was carried out in two phases. An exploratory research design was employed in the 1st phase where requirement volatility and its association to project attributes and management techniques were examined in depth. Senior project managers associated with software development were interviewed for gathering insights on the problem. Content analysis of interview data revealed insights for further investigation. A web based survey utilized in the 2nd phase attempts to validate some of the observations of the 1st phase. This article identifies the different research questions that emerges out of the findings of phases one and two, and addresses them in light of the available evidences in the survey data. Findings of the interviews have been reported simultaneously to strengthen our claim, and also to report contrasting viewpoints and arguments. This article is organized as follows. A review of relevant literatures is provided next. The subsequent section lists the different research questions. It is then followed by sections on methodology, study outcome, and a discussion on the results. The concluding section summarizes the key findings. LITERATURE REVIEW Requirement volatility has surfaced as a common and frequent risk item in studies on software project risks (Boehm, 1991; Davis et al., 2008; Tiwana & Keil, 2004). Studies on requirement volatility have suggested metrics for measuring volatility, analyze factors behind its causes and effects on project development, and recommend possible ways to manage the problem. Some of the proposed metrics of volatility include measuring it in terms of quantity of changes (Ambriola & Gervasi, 2000; Costello & Liu, 1995; MIL STD-198, 1994), timing of occurrence of the changes (Javed et al. …
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