Management of Risk Analysis Risk Management Processes

Added on -2020-02-19

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Running head: MANAGEMENT OF INFORMATION TECHNOLOGYMANAGEMENT OF INFORMATION TECHNOLOGYName of the StudentName of the UniversityAuthor Note
MANAGEMENT OF INFORMATION TECHNOLOLY2Table of ContentsIntroduction................................................................................................................................3Impact of Information technology.............................................................................................3Information technology and its value.........................................................................................4The Business value of IT............................................................................................................6Risk in IT....................................................................................................................................8Origin of value chain in IT.........................................................................................................9Risk analysis...............................................................................................................................9Use of risk analysis..................................................................................................................11Management of risk analysis................................................................................................11Mitigation of risk..................................................................................................................12Risk mitigation Planning......................................................................................................13Risk Buffering......................................................................................................................13Risk control..............................................................................................................................14Conclusion................................................................................................................................14References................................................................................................................................16
MANAGEMENT OF INFORMATION TECHNOLOLY3Introduction Information technology can be considered as a term which can be used in any fieldrelated to the mere concept of technology. Information technology helps this field to expertisewith its unique aspects and involvement. Information technology are used by manyorganisation to introduce various source of activity (Skees 2016). The value term can bedirectly related to then improvement of the business when IT is related to an organisation.The value criteria directly involves delivering of a standard service to a client. The clientalways expect the deli ery of the standard of the service which they expect to achieve and inreturn they tend to level up the request which they desire to achieve (Meyer and Reniers2016).The risk associated with any technology can be a dominating part or play adominating role in any aspect. Every organisation tend to involve their aspects into theinformation technology in order to gain advantage from the technology. Putting emphasis onthe information technology it also can be related to some of the risk factors.The main aim of the report is to put limelight of the value of the informationtechnology and the risk associated with the technology. The main focus of the report wouldbe to point out the various aspects of information technology. The main motive of theinformation technology is providing a platform in which its advantages can be applied andoverall gain can be achieved, this can be achieved by the value chain management and thecontrol of the risk factor which are associated with the implementation of the technologyImpact of Information technologyThe impact of the information technology can be varied. The implementation of theinformation technology are used by many organisation to improve their business standard andimprove their service. The term information technology (IT) is mainly composed of four
MANAGEMENT OF INFORMATION TECHNOLOLY4distinct parts which mainly comprise of an organisation, information in an organisation, andinformation technology and information system in an organisation.Information technology and its valueInformation technology can be considered as one of the most integrated and vital partsin the everyday business plan and activity (Skees 2016). The information technology play arole in every sphere of business from small organisation who run their business throughsingle computer system to multinational company who maintain system of mainframe inorder to conduct their business. The best way to get a hint of how information technologyplays its dominating power is by looking into the different field it occupies its position. Thefield it mainly focuses are communication, data management, inventory control, managementinformation system and customer relation management.Information technology in many firms are changing the overall concept of thetechnology from cost centre orientation to trusted business partners within the frame work ofthe business. The main intention behind the transform is the give the business the muchneeded tools to be competitive in market place which is global. Before the transform theinformation technology was considered as a cost centre. The IT had to mainly focusing on thetechnology alone as a standalone aspect. The IT department of the different companies didnot focus on the mere concepts of the weakness, strengths, opportunity and threads.Information technology when related to the cost factor or centre, it has been providingservices when are concentric to emails, business application access and data storage. All ofthese bridges have been mainly outsourced to different vendors which is mainly done on thebasis of cost and with respect to the level of service. From the point of view of the business,if the IT cannot provide the expected service which is the need than the outsourcing can beconsidered as a reasonable approach (Hopkin 2017). When it comes to value, IT cancollaborate with the business bodies to provide the demand of the service they opted from it.

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