Practical Risk Management with in Information Technology Project Research Paper

Practical Risk Management with in Information Technology Project Management - Research Paper Example In order to control and manage risk, method and techniques are defined briefly in this article. The definition of Project Management as per the Project Management Body of Knowledge (PMBOK) Guide is â€Å"a temporary endeavour undertaken to create a unique product, service, or result and the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.†(Monoharan & Mansor, 2012). There are nine sub categories in project management out of which four are considered as the most important areas. The remaining four is assisting area and one is a general area. These areas are divided as: Scope management: management of work in order to complete the project. Time management: management of time needed to accomplish task on time. Cost management: management of budget regarding cost effective project. Quality management: All the requirements are satisfied and implied. Human resource management: management of employers for their effectiven ess. Communications management: gathering information regarding project. Risk management: recognizing and answering to risks. Procurement management: outsourcing goods and services. Integration management: interlinks all project knowledge areas instantaneously. In order to lead a fruitful project, the Project managers need to shine in each of these nine areas. 2 The Project Management Process Project managers manages the project in a systematic way or method, however, various project management techniques are available that can be used. Likewise, activities that are included in the PMBOK for the definition of the project are â€Å"components of work performed during the course of a project† (Vida, 2012). The primary activities of the project management process are mentioned in the book called as Whitten & Bentley’s Systems Analysis and Design Methods. The book demonstrated negotiation of the scope, identification of tasks, estimation of durations of the tasks, specific ation of dependencies, managing the efforts of the team, resource assignment, controlling the project progress, monitoring the project progress and lastly, assessment of the project results and experience. Scope negotiation is a critical part of any project that needs management. Likewise, the scope of the project is associated with the working that is required to deliver the product or end result with the requirements of the customer. Project failure occurs due to creeping of the scope that transpires in case of some addition of features and functions regardless of the factor that impacts the end result of the project. Moreover, failure of the projects also occurs due to ambiguous or confusing requirements of the customer. If the scope of the project is not clearly defined, there is a high percentage that the outcome of the project will not satisfy project stakeholders as well as the customers. 3 The Importance of Project Risk Management Information Technology Project Management is a methodology or set of technique that is implemented for identification, analysis and countering risks throughout the project lifecycle and supporting every aspect of meeting the requirements and objectives of the project (Schwalbe, 2010). Moreover, Oracle White Paper pressures over the significance of project risk management and states that, â€Å"Projects are becoming increasingly more complex and costly,