INNOVATIVE AND DYNAMIC WAYS TO MANAGE THE RISKS OF IT PROJECTS

Risk management has emerged as an important component of projects these days, particularly information technology projects which are complex and dynamic in nature. Risk management constitutes different components and organisations are required to strategies it keeping in mind different dimensions of IT projects. The present study aims to review the types of risk in IT projects and subsequently recommended the innovative and dynamic ways to overcome it. IT projects are generally characterised by scheduling, cost and performance risk. Organizations by having risk management strategies in place such as avoidance, transference, mitigation and acceptance in place can identify, analyze, prioritize and mitigate risk factors. A survey of 100 team members of IT projects and interview with 5 team managers showed that risk management and risk factors such as scheduling risk and cost risk have an impact on firm performance and also there is presence of barriers in the process risk management.