How to Successfully Evaluate IT Project Risk
Every new project is a gamble. Here's how to improve your odds of success.
Getting a new IT project off the ground requires a concept, a goal, meticulous planning, and, perhaps most importantly, a willingness to assume a certain amount of risk. It's this last point that often keeps IT leaders awake at night.
Addressing risk prior to launching an IT project is crucial, since it helps to set clear expectations, identify potential obstacles, and create a roadmap for handling unforeseen challenges, says Anbang Xu, founder of JoggAI, an AI-powered video platform, and a former senior product manager at Apple and senior software engineer at Google. "Particularly when it comes to AI-driven projects, understanding the risks — whether they're related to technology, data security, scalability, or talent — can make the difference between a smooth launch and a failed initiative," he observes in an email interview. "By addressing these concerns early, you also ensure that resources are allocated effectively, and your team is better equipped to handle surprises."
Building a strong mechanism to address risk during project planning is crucial to ensure that all decisions are made with transparency into cost, benefit, and risk, says Ola Chowning, a partner with technology research and advisory firm ISG. "Project decisions that don't estimate risk and its tangible or intangible impacts at the start, or even during a project, likely don't have the data needed to make informed decisions and balance cost, risk, and benefit," she explains in an online interview. "More importantly, failing to address risk can waste time if an event occurs and the team is left scrambling to determine how to respond."
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There are also secondary risks, including budget, resources, and technology challenges, says Munir Hafez, CTO of Independence Pet Holdings via email (Hafez was senior vice president and CIO at credit reporting firm TransUnion at the time of the interview.)
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Technology Journalist & Author, InformationWeek
John Edwards is a veteran business technology journalist. His work has appeared in The New York Times, The Washington Post, and numerous business and technology publications, including Computerworld, CFO Magazine, IBM Data Management Magazine, RFID Journal, and Electronic Design. He has also written columns for The Economist's Business Intelligence Unit and PricewaterhouseCoopers' Communications Direct. John has authored several books on business technology topics. His work began appearing online as early as 1983. Throughout the 1980s and 90s, he wrote daily news and feature articles for both the CompuServe and Prodigy online services. His "Behind the Screens" commentaries made him the world's first known professional blogger.
InformationWeek , a sister site to ITPro Today, is a trusted source for CIOs and IT leaders seeking comprehensive and authentic coverage of the constantly evolving world of technology and its impact on business. Our experienced and ethical journalists conduct in-depth examinations of crucial issues and the impact of global events on IT operations and strategies, helping forward-thinking executives stay at the forefront of their industries. InformationWeek also provides a platform for enterprise IT leaders and leading tech companies to share their insights and experiences through exclusive interviews, opinion pieces, and events, offering firsthand accounts of strategies, trends, and innovations.
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