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Author: | Freudl, Florian |
Title: | Risk Management in medium Size IT-Projects - How to act under risk in order to successfully complete a project |
Publication type: | Master's thesis |
Publication year: | 2005 |
Pages: | 107 Language: eng |
Department/School: | Tuotantotalouden osasto |
Main subject: | Teollisuustalous (TU-22) |
Supervisor: | Artto, Karlos |
Instructor: | Würger, Andreas |
OEVS: | Electronic archive copy is available via Aalto Thesis Database.
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Location: | P1 Ark Aalto 7812 | Archive |
Keywords: | project risk uncertainty expected utility subjective ICT time scope quality cost |
Abstract (eng): | Background of the Study. A complex project management, including a sophisticated risk management, has been establish within all of the large IT projects but is missed in most of the small and mid size projects. As a huge share of mid size IT-projects is not meeting the objectives defined within their initialization, it is necessary to facilitate the usage of risk management in these projects. Especially in the field of company internal IT-projects where no external supplier is involved, risk management is often put on hold due to limited resources. The resources provided for project management are limited to the tasks of time, scope, quality or budget management and specific realizations but supporting functions like risk management are often not regarded. Thus an effective and efficient risk management in medium sized IT projects needs to be facilitated. Research problem and Scope of the study. The study aims at enhancing current risk management methods applied in the case company and developing an approach to deal also with complex risks under limited resource availability. The research problem is described in the following question: How to act under risk in order to successfully complete a project? Results of the study. The study analyses the process of risk management with a focus on risk analysis and risk response planning, providing methods that enhance the ability to approach also complex risk scenarios in mid size projects. Therefore a clear distinction between risks and uncertainties is stated. The current best practice approaches are evaluated based on economical theory showing their limitations and developing a method to include also subjective judgments in the evaluation. Based on this theory the generic influence of this procedure is shown and than applied in the context of an example project. Conclusion. Risk management has to be promoted as a project supportive tool, conducted by unbiased persons. An effective and efficient project risk management has to integrate managing downside and upside risks. Subjective evaluations of situations by different project stakeholders can not be avoided, but included in the decision making process. As not all risk can be avoided this decision has also to include taking certain risks. Risk management is thus an essential task in medium size IT projects to support the normal decision and action taking process. |
ED: | 2005-06-03 |
INSSI record number: 28825
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