A Study on Risk Management Practices on Information Technology Projects in Western Province Sri Lanka

Abstract

This study examines the influence of Risk Management Practices on IT project success in the context of Western Province, Sri Lanka, covering project planning, identification of risk, risk assessment, and monitoring and evaluation. The literature review on studies related to the use of risk management strategies within the Sri Lankan IT sector is limited, and this study tries to fill the gaps in the previous studies. Related literature review covers past studies on the impact that Risk Management Practices has on project success in various industries, and it has also been established that good risk management can always improve project outcomes to meet the satisfaction of the clients and maintain budgets. In this study, a survey approach was used to retrieve data from 100 IT professionals through questionnaires, thus enabling comprehensive SPSS analysis. This study uses the methods of correlation and regression analysis in order to study relationships or influences that might exist between Risk Management Practices and IT project success and finds significant positive correlations. Certain influential practices were those related to risk identification, planning, and monitoring, while assessment of risk had a mixed relationship that would require further investigation. Key recommendations from these findings include enhancing risk management practices through organized project planning and cross-functional stakeholder involvement in the risk identification process, supported by continuous monitoring activities with data analytics. These will contribute toward enhancing the understanding of proactive risk management in the Sri Lankan IT industry, while providing practical insights relevant to practitioners and academics interested in value optimization of project success. The conclusion of this research has been a call for an extended study on long term RMP effects on IT projects, especially in emerging markets.