A STUDY ON THE IMPACT OF DIMENSIONS OF RISK MANAGEMENT ON RISK MANAGEMENT PRACTICES IN IT PROJECTS IN THE UAE

A study on the impact of dimensions of risk management such as project complexity, project planning and control, project team and organizational environment on risk management practices of IT firms that develop and manage projects in the UAE The IT sector has been growing at a rapid rate in a country like UAE due to the impetus and incentives offered by the rulers with a view to transform the country as a hub of knowledge management center. Opportunities for various projects are identified by the government and offered to private as well as public sector undertakings to trigger off the momentum of diversification. Many information technology companies exist in the country and the sector has been growing as a major provider of employment opportunities to qualified job seekers across the world. From various studies, it has been found that the projects handled by many companies fail to give proper attention to the risk management aspect and the failure of many projects in the form of time overrun, higher cost and failure to fulfill customer requirements can be attributed to the absence of proper care given to various dimensions of risk management as well as various aspects of risk management practice. Hence, the study focuses on the relationship between certain primary dimensions of risk management and its impact on risk management practices such as risk identification, risk analysis, risk response planning and risk response monitoring and controlling. The study reveals a very strong positive correlation between two major aspects of risk management in projects which are risk dimensions and risk management practice