Risk Management of IT Projects: The Essence and Features of the Application of the PMBoK and AGILE Approaches

Abstract

Recently, the relevance of risk management of IT projects has increased significantly, which is associated with their rapid development and a high level of uncertainty in the external environment. The purpose of the study is to determine the features of risk management of IT projects on the basis of modern theory and practice of project management. The paper analyzes the essence of the concept of «IT project», as well as identifies its features, including: non-standard life cycle; mobility and ambiguity of some areas in the IT field; high level of uniqueness of the project; dependence on other IT projects and technologies; low level of project expertise due to the uniqueness of the technologies on which the project is based; high level of project complexity and uncertainty. The essence of the concept of «IT project risk» is also defined, the main types of risks are characterized. The features of using the PMBoK (Project Management Body of Knowledge) methodology in project risk management are analyzed. A characterization of the stages of risk management in IT projects based on the PMBoK approach is provided, including: risk planning; risk identification; qualitative and quantitative risk assessment; planning a risk response strategy; monitoring and control of risks. It is determined that risk management of IT projects using the PMBoK approach has significant shortcomings if used in conditions of a high level of uncertainty and novelty of the project. The article also provides a characterization of flexible risk management of an IT project based on the Agile methodology, which in turn is based on an iterative approach, continuous risk assessment and the development of measures for their adaptation. A comparative characterization of the approaches of PMBoK and Agile to risk management of IT projects is provided: their strengths, weaknesses, and areas of application are identified. It is noted that the choice between PMBoK and Agile approaches should be based on the specific needs of the project and the organizational context. PMBoK will be appropriate for large, long-term projects, as well as in situations where predictability, adherence to the plan are crucial, while Agile is best suited for innovative projects that are implemented in an uncertain or dynamic environment and require flexibility, quick adaptation, and customer focus. A significant number of project managers in the IT field prefer a hybrid approach that combines the strengths of both methodologies.

Keywords

• risk management
• it project
• types of risks
• methodology
• pmbok
• agile.