Risk Management and Problem Resolution Strategies for it Projects: Prescription and Practice

Abstract

This study reports findings from an exploratory field study of risk management and problem resolution strategies used by 25 experienced Hong Kong project managers working for vendor firms on local and multinational IT projects. In contrast to formal prescriptions, respondents described a pragmatic approach applying general strategies, within four broad categories of control, negotiation, research, and monitoring, to all their projects, in order to both manage identified risks and be prepared for whatever problems might arise. These findings provide support for the conjecture that a practical alternative to traditional formal prescriptions may be needed if project managers are to succeed in managing highly uncertain situations with limited resources.