Topic > Critical Success Factors in IT Project Management

Risk management is critical as it provides project managers with a forward-looking view of both the threats that could hinder the project and the opportunities to improve it. Risk management methods also provide project teams with the ability to engage the work community, such as project sponsors and users, who may monitor risks that may threaten a project. The US Census Bureau: Automating field data collection is a case of failure due to lack of risk management. Because the US Decennial Census is an arduous task that will cost a large amount of human and material resources. To minimize the total cost, the US Census Bureau decided to undertake a new way of doing this work. However, the result was not as expected, the new technology turned out to be more complicated than expected. The Bureau's lack of adequate risk management and failure to establish effective communications with suppliers resulted in a significant number of requirements being missed. The failure of the project forced the Bureau to ask for an additional three billion in funding to complete the work using the existing standard