Evaluation of Risk Management Software for IT Projects

EPM5700 PROJECT MANAGEMENT AND INFORMATION
TECHNOLOGY
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Executive summary
In this report, discussion about different risk management software has been done.
In project management of IT industry, different risks like security and lack of
resources are related. These risks can be mitigated by incorporating different
software that can assess and mitigate risks. Some software is listed and proper
software is chosen. Critical evaluation of chosen software is done that has helped to
gain knowledge about this software. In addition, discussion is done on weighting
criteria by providing scores. Analysis regarding weighted evaluation is done by giving
proper justification of chosen criteria. Recommendations are given accordingly that
can help to improve the process of risk management.
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Table of Contents
Introduction...................................................................................................................4
Investigation aim...........................................................................................................4
Significance of investigation.........................................................................................4
Findings........................................................................................................................4
Providing list and description of software available..................................................4
Selection of software for Risk management.............................................................5
Critical evaluation of chosen software.......................................................................5
Identification and setting criteria for assessment......................................................6
Discussion on weighting criteria................................................................................6
Evaluation matrix development.................................................................................7
Justification of weighting criteria...............................................................................7
Analysis.........................................................................................................................8
Discussing results.....................................................................................................8
Discussion on pitfall and problems............................................................................8
Conclusion and recommendation.................................................................................8
Reference list..............................................................................................................10
Appendix.....................................................................................................................11
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Introduction
In this report, risk management of an IT project has been evaluated that can help to
eliminate risks of various threats. Different software can help IT, project controllers,
to monitor projects in a proper way. Several types of software help to analyze risks
and monitoring purpose of a project can be done properly. Impact of risk in an IT
project is huge that can cause a delay in the project and wastage of resources can
also happen. Hence, it is essential to adopt proper precaution in order to avoid risks.
In this report, different software of risk management has been discussed and
compared that can help to create a proper idea about this sector of project
management.
Investigation aim
Main aim of this report is to select proper software that can help in IT project
management. This can be done by comparing different software critically that helps
in project management of IT industry. Comparison can be done on the basis of
usability and sustainability of different software. As stated by Kerzner and Kerzner,
2017), development of a project needs to eliminate potential risks that can create
barrier in achieving desired outcomes.
Significance of investigation
Investigation regarding different risk management software can help to choose
appropriate software that can help to eliminate potential risk from an IT project.
Different IT projects comprise of various tasks like planning, organization of the
project and distribution of responsibilities to concerned persons. Choosing a risk
management software can help to eliminate risks by increasing security (Cagliano et
al. 2015). This investigation can also help in task management of a project. Improper
management of tasks creates risks of skipping different essential activities. Hence,
risk of project delay increases. Application of proper software in management of
tasks can help to eliminate the risk of delay.
This investigation about risk management software can help to choose proper
software that can help to enhance revenue from an IT project. It can be seen that
impact of any risks causes loss of resources. As mentioned by de Carvalho et al.
(2015), risk management in a project enables an organization to increase revenue
collection by diminishing expenses. Moreover, this investigation can help to increase
sense of accountability and responsibility among various stakeholders. They can be
motivated to apply proper remedy in order to manage risks in an IT project.
Increasing knowledge about different software to manage risks can be increased by
this investigation report.
Findings
Providing list and description of software available
Different risk management software is there that can help IT project industry to
manage risks. Blueprint OneWorld is one such software that helps to organize
corporate data and helps in record-keeping. For monitoring purpose in a project, this
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