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Information Technology Project Management And Risk Management

Jun 29, 2008
An information technology project management specialist will have no trouble finding a job today, because of the IT industry's continuing rapid growth. IT companies, like most others, need to hire project management professional employees for their projects to be successful. Project risk management has become as important for business planning in information technology as it has in construction or in any other industry.

The concept of risk does not always denote an actual physical danger. Risk is defined as any situation which can have negative consequences to a business or on profits. IT project management should follow the same strategies as any other company. No project is without risk, regardless of its scope, but being successful depends on seeing the risks ahead of time and planning for their mitigation.

A person who knows information technology project management starts his process with a list of what needs to be dealt with. The first is a careful study of all areas which can result in risk. This is not simple or quick, but quite necessary. However, technology has improved this process. This allows you to avoid some risks and eliminate others entirely before they become bigger problems.

Each risk needs to be analyzed and classified. If the probability of a minor risk is exceptionally high , it still may not turn out to be of concern. However, a low-probability risk that could possibly result in disaster needs to be taken very seriously. Both the likelihood that something will occur and the severity of its impact need to be examined and assessed.

For the next step, you should respond to any risks by correcting the root cause or making them more easily managed. As an example, if there exist problems with an outside vendor or contractor, switching to a different contractor could reduce or eliminate the risk. If inexperience on behalf of the employee was noticed, you can reduce risk by providing corrective training.

The final stage, that of having control over the processes and doing close monitoring, is an ongoing procedure that is carried out throughout the entire project. IT project management professionals are able to understand IT issues and find solutions better than general project managers. With the addition of project management software, the IT project manager can effectively monitor progress, predict problems, and sometimes even reverse the process in time to save the day.

There is a great role for the information technology project management specialist today with the IT industry continuing to grow in scope and importance. Like every other business, IT must find the appropriate project management professional in house or hire one for project success in sales, software or hardware design or any other task, and project risk management is as important for IT business planning as it is in construction projects. A risk does not always mean a physical hazard, as is commonly thought. A risk can be defined as any event with a negative impact that will significantly affect the project and its profits.
About the Author
George Purdy is an expert on information technology project management. He wrote many articles on this subject and is a well-known speaker. Boost your knowledge on project management.
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