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Managing Risk in Information Technology

Project: A Case Study of Trade Net

ABSTRACT
The implementation and development of IT or Information Technology are plagued with problems of cost and time overruns , technical inadequacy and lack of utilization and failure to achieve anticipated benefits . These problems occur to some projects and not to other because

1. IT projects have different profile of risk. 2. IT projects have been managed more or less effectively This paper synthesize the literature into four classes of risk and applies to evaluate trade net , through a case study of trade net we derived a typology of four risk management for IT projects. 1. Risk preemption 2. Risk reduction 3. Risk isolation 4. Risk sharing Some of tactics and mechanism used are positioning the system , managing project development , scoping the system , cooperating with organizations, surfacing of the problems and connecting to other system. The relevance of these risk management strategies is analyzed and discussed

PURPOSE
This Program is intended to provide departments with the informationand tools they need to manage properly the security risks associated with their information technology assets and manage the risk before the execution of the projects.The case study of Trade Net project is to identify potential problems before they occur so that risk-handling activities may be planned and invoked as needed across the life of the product or project to mitigate adverse impacts on achieving objectives. It address issues that could

endanger achievement of critical objectives. This risk management approach is applied to effectively anticipate and mitigate the risks that have critical impact on the project of the Trade Net project.

DESIGN /METHODOLOGY / APPROACH


This study is concerned with how risk is managed in IT project execution , a case research methodology. The study's focus on management strategies required the collection of contextual information for which a case methodology is well suited. The development of trade net system was chosen as an interesting case for the study because it was both risky and succesful.Studying such a case would provide valuable insights into successful IT (Information Technology ) project risk management that could be confirmed or extended with subsequent research .

METHODOLOGY FOR DATA COLLECTION AND ANALYSIS

Information's and data for the study were gathered primarily through interviews and secondarily through reviews of hundreds of pages of project documents, reports, users training materials , brochures, and news letters .The research team also attended courses for trade net users and saw how the system was used for several organizations .A team of three researchers interviewed twenty two managers who were involve in the development of trade net.Since there was a little past research on risk management strategies in IT Projects management to guide structuring of data collection the researchers followed alter recommendations by asking interviewees. This are the following questions to be asked: 1. what were the objectives of trade net? 2. what were the step taken to insure the successful implementation of trade net? 3.what aspects of development process were you satisfied most? 4.Describe the process used to implement trade net. 5.Describe the process and events leading to the decisions to develop trade net.

Findings usefulness of risk management strategies for categories of risk

Risk management strategies


1.Risk preemption Positioning the system Providing incentives for adoption 2. Risk reduction Information search Expertise recruitment Project development 3.Risk isolation Scoping the system Separating accountability Surfacing problems 4.Risk sharing Cooperating with

Task Factors

Organization factors

Technology factors

Market factors

x x

x x

X x X x x

x x x x x

organization Coopting key personnel Connecting to system

x x x x

x x

The usefulness of each risk management strategy for dealing with different categories of risks in trade net is summarized in this table. Organizational and market risk are largely political , and may result in internal resistance and external retaliation to project implementation. Different tactics classified under the risk sharing strategy were used in the Trade Net project to mitigate either political or technical risk ; while personnel caption were used extensively to gain needed political and customer support to overcome risks from organizational and market factors. The above table based upon what we found in Trade Net, may also be used prescriptively to guide managers in developing plans to manage risky IT projects. RESEARCH LIMITATIONS/ IMPLICATIONS

This study was based on a system that facilitates trade document processing in singapore and it has a tight deadline , giving the project team only two years to specify , design, build and implement Trade Net increased the likelihood of time slipage so the generalizability is limited.

PRACTICAL IMPLICATIONS the discussions of the types of the risks,risk management strategies and the usefulness of the strategies for different types of risks may be used by managers as an analytical framework for understanding the risk profile of a project and making explicit plans to counter the risks involved.

Implications for future research It has been recognized that the classifications describe are based solely on what are found in the Trade Net project., and must be elaborated and refined with more cases before it can be generalizable to other IT projects. Thus future research should study how risks are managed in the other projects and the relative efficacy of different strategies.

ORIGINALITY AND VALUE The project develop in this paper is about trade net the industry wide EDI (electronic data interchange ) that facilitate trade document .This methodology consists of both qualitatively metrics as well as quantitative metrics that are then triangulated together to test various hypotheses.

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