Evaluation of Risk Management Practices in Information Systems Project in the Public Sector

Abstract

Risk has been identified as one of the important factors that influences the success of Information Systems projects.Poor risk management could pose a threat to project performance and outcome. Many risk management models and standards have been developed to assist project managers and teams to overcome or minimize the impact of project risk. Despite continuous attention and emphasis on the positive contributions of risk management to a project, risk management practices are relatively lacking and it have not been practiced in its entirety. Hence, this study intended to identify the level of risk management practice and its influencing factors in IS projects. A case study was carried out by adopting the risk management maturity model to evaluate the level of risk management practices in IS projects. Factors that influence risk management practices in IS projects were identified and validated by experts. The findings can be used as a guideline for improving and enhancing implementation of risk management in project development.

Risk Assessment and Policy Recommendations for a Floating Solar Photovoltaic (FSPV) System

“…The purpose of risk assessment is to identify potential threats to the success of an activity, system, or project and to evaluate the likelihood and consequences of these threats. The results of the risk assessment can be used to develop risk-mitigation strategies that can help reduce risks and improve the overall safety and reliability of an activity, system, or project [29]- [32]. As shown in Figure 2 and 3, risk assessments typically involve several steps, including (a) hazard identification, identifying potential hazards and risks associated with the activity, system, or project; (b) risk evaluation, evaluating the likelihood and consequences of each identified hazard; (c) risk prioritization, prioritizing the risks based on the likelihood and consequences of each risk; (d) risk mitigation, developing, and implementing strategies to reduce the risks associated with the identified hazards; and (e) monitoring and review, monitoring, and reviewing the risk assessment to ensure that the identified risks are being effectively managed and mitigated [33].…”

“…The level of detail and complexity of a risk assessment will depend on the nature of the activity, system, or project being assessed as well as the goals and objectives of the assessment. However, the overall aim of risk assessment is to identify and manage risks to ensure the safe and reliable operation of the activity, system, or project being assessed [32], [35]- [36]. Conducting a risk assessment for FSPV systems requires tools to identify potential hazards, evaluate the likelihood and consequences of each hazard, and develop effective mitigation strategies, as shown in Figure 4 [37], [38]- [43].…”

Cost Management for Information and Communication Technology Projects

“…Most project managers do perform a risk assessment and risk control but fail to come up with a proper risk management plan (Reed and Angolia, 2018). Despite continuous attention and emphasis on the positive contributions of risk management to a project, risk management practices are relatively lacking, and they have not been practiced holistically in the Malaysian ICT sector (Baharuddin and Yusof, 2018). One of the key factors that contribute to the inefficient management of risk in ICT projects in Malaysia is due the culture of the organization itself.…”

“…Based on Taherdoost and Keshavarzsaleh (2016), ICT projects are more vulnerable to risk due to their agility, high technology, and complex nature of projects. Studies done by Baharuddin and Yusof (2018) reveal that there is a lack of risk management emphasis in ICT projects, firstly due to the culture, where the risk management importance is not cascaded down effectively to the project team. This finding is consistent with the findings from other scholars, Altuntus et al (2011).…”