Analysis of Risk Management Systems for IT Project Success

This report focuses on risk management strategies within IT projects, specifically analyzing software solutions for the Point of Sale (POS) industry. It begins with an executive summary highlighting the importance of resource management in project success and the role of software in mitigating risks. The report then provides an introduction to project risks, categorizing them as positive or negative and emphasizing the need for effective risk handling. The study evaluates several software options, including Netsuite, Nobly POS, and Revel Systems, based on their capabilities in risk management processes. The report details the features of each software, discusses their performance, and ranks them based on their effectiveness. It also addresses the problems associated with software implementation, such as cost and integration challenges, and concludes with recommendations for effective risk management in the POS industry. Work breakdown structure and Gantt chart are included in the appendix.

Running head: RISK MANAGEMENT
Risk Management
[Name of the Student]
[Name of the University]
[Author note]

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Executive Summary:
The report is mainly aimed at presenting as well as highlighting and showcasing of the risk
management strategy for an Information Technology Systems that are being used for managing the projects.
For this particular research the industry which has been selected is the “Point of Sales Industry”. Resource
management acts as a prominent section of the project management and is associated with including a wide
range of usage of the resources that a company is having in a systematic as well as in a manner which would
be much more effective. In any of the project management related to resources is of utmost importance. The
today’s world the utilization of the software is must for the purpose of implementing the strategy related to
management of resources and for making it effective in any way that is required.
There exists many prominent software associated with the risk management of the resources some of
them have been listed below:
 Netsuite
 Eposnow
 Nobly POS
 Amber POS
 Lightspeed Retail
 Revel systems
In order to evaluate the purpose and for determining the software which is the best for managing the
Risks faced by the POS industry and three software have been selected amongst the list of software listed
above. The three software packages which are considered to be the most powerful and is associated with
supporting the different processes of the Risk Management of the Project includes he Nobly POS, Netsuite and
the Revel Systems.

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Table of Contents
Aim:.......................................................................................................................................................................3
Introduction:..........................................................................................................................................................3
List of Available software:....................................................................................................................................4
ORACLE +Netsuite:.........................................................................................................................................4
Nobly POS:........................................................................................................................................................5
Eposnow:...........................................................................................................................................................6
Discussion:............................................................................................................................................................6
Results:..............................................................................................................................................................6
Problems:...........................................................................................................................................................7
Recommendations:................................................................................................................................................7
References:............................................................................................................................................................9
Appendix:............................................................................................................................................................11
Work Breakdown Structure:............................................................................................................................11
Gantt Chart:.....................................................................................................................................................12

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Aim:
This report would be emphasizing upon the demonstration of how the Information Technology and the
systems are associated with helping in the process of Risk Management.
Introduction:
The business world is associated with facing numerous kind of risks and this risks are generally put
forward by numerous sources. The risks are generally seen to be generated because of the project failure and
this might be associated with including the failure in production, failure in management, failure in
development, failure in the adaptation of innovations and along with this it might also be including the failure
in the life cycle as well. In addition to all the risks the market is also associated with playing a crucial role in
putting forward of the risks which are faced by the business (Schenk 2017). The risks are associated with
including a variety of things like the various kind of charges or the natural disasters, rivalry or certain events
which might seem to be having a nature which is entirely unpredictable.
Risks can be categorized into major categories and this is associated with including the positive risks
and the negative risks. The positive kind of risks is associated with putting forward of opportunities which are
capable of bringing benefits for the project in certain ways whereas the negative risks is associated with
including those risks which are capable of causing a huge damage to the project which are beyond repair
(Naidoo and Gasparatos 2018). The approach that is used for handling of both of this risks is considered to be
critical and the reason behind this is that it is possible to use the positive risks for the purpose of obtaining the
all the advantage of the entire situation and along with this there is need of avoiding the negative risks along
with making sure that it is prevented.
The software which are being used is associated with providing assistance in the process of tracking
the inventory and besides this all the resources is also capable of helping in the process of keeping a track of
all the risks which are likely to be faced by the project (Pantano, E., 2016). The usage of the software helping
in risk management is associated with strengthening of the following factors:

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 This is associated with strengthening of the plans related to the resource and the parts associated with
management
 Helps in scheduling of the different kind of tasks which can be done and this scheduling of the tasks is
capable of preventing the controllable risks which are generally seen to be involved in the daily run of the
project (Mahmud 2017).
 The software is capable of helping in the presenting of the graphic representation of the different processes
which are seen to be involved in the project. Some of this examples is associated with including the Gantt
chart and the Pie chart.
The main aim of this report includes a study of the software along with finding out of the software
which is capable of supporting the different processes existing the field of risk management and for preventing
the risks from happening. Besides this the report would also be consisting of the evaluation criterion as well
for the purpose of evaluating the performance of the software (Assefa, Meuwissen and Lansink, 2017). The
final outcome of this study would be associated with showcasing the methods related to the management of
the risks faced by the POS which in turn is associated with helping in increasing the business.
List of Available software:
The software which are available for risk management and are associated with helping in making the
project efficient as well as effective have been listed below:
ORACLE +Netsuite:
This software is a cloud based software which is generally available for multi-platform as well as for
the multi-channel retail management software. The software is associated with including various kind of
functionalities that can be used by the e-commerce as well as for the POS. This software consists of a unified
system which is associated with helping in selling of any of the products if numerous countries and across
regions of the plethora of the channels present (Hartmann, Klink and Simons 2015). The software would also
be associated with helping in providing of insights related to the market which is seen to be very much

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advantageous for the sellers and this in turn is associated with helping the sellers in in understanding the
customers in a better way.
In accordance to the needs the retailers are associated with putting their special inputs. The retailers are
capable of adding need models for the business, brands as well as different kind of demographics in the
software. Data related to the behavior of the customer, the sales, list of the inventory, financial status can be
tracked very easily by making use of this software (Hopkin 2018). A pragmatic approach is generally used by
this software and the full insights related to the monthly acquisition or the requisition as well as the sales
report which are generated very easily. Along with this by making use of the software it is also possible to
track the rate of growth in an easy way.
Key features of the Netsuite is associated with including the following:
 Content Relationship Management
 Generation of the reports which are important
 E-commerce
 Accounting
 Importing and exporting of the data
 Generation of statistics
Nobly POS:
This software is considered to be the latest entrants in the POS field as well as in the inventory
management field. This software along with working online is also capable of working offline. This is the
finest CRM application which is seen to be available in the market and the reason lying behind the increased
importance of this software is the mobile nature of the software which is also very easy to learn along with
being easy to implement. It is possible for anyone to make use of this software for the purpose of becoming a
professional in the usage of the software as well as the user interface of this software is very user friendly
(Almeida, Hankins and Williams 2017). The support provided by this application exists in almost more than

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20 countries and along with this the network is also seen to be expanding at a very quick rate. Some of the
major features of this software has been provided below:
 Helps in management of the inventory and data related to the staffs
 Handling of the insights related to the reports, payments by usage of cards, schemes
 Capability of in integrating the different accounting software is one another important feature of the
software
 Capable of integrating well with the third party applications like the ERP programs and many more.
Eposnow:
This software is catering well in the retail management software in order to conduct the business which
includes size of different industry. Besides this the software is associated with offering a list manager for
having an integrated inventory along with account management of the client and retail as well as the needs.
This also helps in management of the ledger accounts as well as the purchases and the payroll processes. It is
also possible to install this software in different platforms (McNeil, Frey and Embrechts 2015). Retailers are
capable of utilizing this software at their fullest in every kind of industry and this makes the software versatile
in nature. It is also possible to integrate this software with the POS machines as well as with the electronic
brands and the debit cards. Some of the important features includes the following:
 POS
 Customization in accordance to the retailer needs of the software
 Management of the invoice, sales and he discount schemes
 Handling of the integration of the modern technology is very easy

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Discussion:
Results:
Evaluation of the software has been done by considering the usage and the efficiency of the software. It
was seen that all the software have been performing well. Based on the evaluation and the critical review the
ranking of the software has been provided below:
1. Netsuite: 3.45/5
2. Revel System: 4/5
3. Nobly POS: 4.5/5
The results have been associated with showcasing the rank of the software however there is only thing
which must be taken into consideration which would be helping in realizing the fact that criteria for the
evaluation is different from person to person and the reason behind this is that different people are comfortable
with the usage of the different software (Aven 2016). So it is essential to make sure that the individual
requirements are taken into consideration for the purpose of selecting the specific software.
Problems:
 The software cost is the major concern that is faced by any of the organization irrespective of the size of
the organization.
 Even in case when the cost is seen to be not much concerned then the sustainability of the software in the
working environment of the buyer acts as a crucial factor. It might be seen that one of the software is
suitable for n number of organizations however this might not be the same for every organization.
 There is an essential needs of justifying the effectiveness by the software along with the efficiency which
exists in the resource management field (Jeffery, Harrison and Bailo 2016).
 One of the vital factor which the resources and the risk management software are having is the ability that
these software are having in the process of getting integrated with the third party software which in turn is
associated with the enhancement of the factors related to usability of the software (Rolling 2016). If it is
seen that the software has failed in integrating then it might become almost incompatible and unusable for
the organizations.

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 Another major issue is the adaptability of the software which means the success of the software is
dependent upon the learning curves of the user
 Another major reason lying behind the creation is problem is the resistance of the stakeholders.
Recommendations:
The results which has been obtained after the analysis and by the criticism, in order choose the best software
that can be used for risk as well as resource management and the software which is recommended after the
analysis is the “Microsoft Project” software. This software is generally utilized as an system for associate data
collection and planning and is capable of helping in the process of planning, resource management, budget
management, tracking and can also be used for the purpose of analyzing the work. During the analysis the
software is entirely associated with concentrating upon the processing power of the software while dealing
with the risks. This software the Microsoft Project is easily capable of arranging and monitoring each and
every important aspect of any of the project.

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References:
Almeida, H., Hankins, K.W. and Williams, R., 2017. Risk management with supply contracts. The Review of
Financial Studies, 30(12), pp.4179-4215.
Assefa, T.T., Meuwissen, M.P. and Lansink, A.G.O., 2017. Price risk perceptions and management strategies
in selected European food supply chains: An exploratory approach. NJAS-Wageningen Journal of Life
Sciences, 80, pp.15-26.
Aven, T., 2016. Risk assessment and risk management: Review of recent advances on their
foundation. European Journal of Operational Research, 253(1), pp.1-13.
Hartmann, M., Klink, J. and Simons, J., 2015. Cause related marketing in the German retail sector: Exploring
the role of consumers’ trust. Food Policy, 52, pp.108-114.
Hopkin, P., 2018. Fundamentals of risk management: understanding, evaluating and implementing effective
risk management. Kogan Page Publishers.
Jeffery, K., Harrison, M. and Bailo, D., 2016, April. The EPOS ICT Architecture. In EGU General Assembly
Conference Abstracts (Vol. 18).
Mahmud, H., 2017. A Simple Software Rejuvenation Framework Based on Model Driven Development. UHD
Journal of Science and Technology, 1(2), pp.37-45.
McNeil, A.J., Frey, R. and Embrechts, P., 2015. Quantitative Risk Management: Concepts, Techniques and
Tools-revised edition. Princeton university press.
Naidoo, M. and Gasparatos, A., 2018. Corporate Environmental Sustainability in the retail sector: Drivers,
strategies and performance measurement. Journal of cleaner production.
Pantano, E., 2016. Benefits and risks associated with time choice of innovating in retail settings. International
Journal of Retail & Distribution Management, 44(1), pp.58-70.

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Rolling, T., 2016. Using Netsuite in Business Curriculum. Journal of Higher Education Theory and
Practice, 16(5), p.42.
Schenk, H.W.E., 2017. The prevalence and focus of formalised Human Resource Management practices in a
sample of SMEs in the marketing and retail sector of South Africa. The Retail and Marketing Review, 13(2),
pp.40-54.

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Appendix:
Work Breakdown Structure:
Risk identification
Identify the risks
Evaluation of
likelihood
Develop a risk
checklists
Expand thinking of
project team
Risk breakdown
structure
Risk evaluation
Evaluation of risks
based on probability
Evaluate the
occurrence of risks
Severity of the losses
of the project
Develop an
understanding of
the risks
Risk mitigation
Development of risk
mitigation plan
Reduction of impact
of unexpected events
Risk mitigation
approach
Identify the risk
events
Contigency plan
Balance the
investment of the
risk mitigation
Accomplishment off
project goals
Contigency
allocated in the
project budget
Mitigation of the
risks
Risk assessment
plan
Fig 1: Work Breakdown Structure
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