Risks of Technology Projects in Business essays

Risks of Technology Projects in Business essays Risks of Technology in Business Projects Technology projects are commonplace in todays business world and they present many challenges for business. One risk involved with technology projects is that companies often fail to recognize the importance of fitting the project into the overall strategy of the company. All too often companies will jump headlong into technology projects without ensuring the expected results fit into the goals of the organization. Avoiding this problem can often be accomplished by fitting the project into a business model. This allows projects to be better planned and analyzed to ensure that it supports the visions and immediate goals of the organization. The risks of projects not fitting into an organizations strategy are also greatly reduced if the company employs a business driven technology strategy. The outcome of technology projects is another risk that is involved with business projects that some companies fail to consider before starting a new project. Businesses need to consider how a project will affect other aspects of the business both long and short term. How will the project affect sales? How will the project affect the budget? These are the types of questions that organizations need to examine before sinking precious time and resources into technology projects. Businesses also need to have contingency plans regarding technology projects as they are time sensitive and delays in implementation can greatly affect the costs associated with these types of projects. The use of project steering boards can help minimize risks of this type, by getting the input of the people who will be working on the project organizations can often avoid or foresee delays or cost overruns which could be damaging to the business. Another and perhaps the greatest risk involved in technology projects is the risk that the capacity of the organization is unable to adjust to fit into the scope of a project. Co...