PMI-PMBOK Risk Management's Impact on Project Success in Indian IT Assessment Answer

Introduction

Background

The IT industry is one of the major industries in all over the world which contributes a huge amount of factors for the overall country GDP to get proper support. Development of the IT industry can provide enormous benefits to the country to get a good amount of GDP in the other countries in a particular region (MeritY, 2022). India is one of the major developing countries all over the world which provides a large rate of software solutions to the different organisations and other countries of all over the world. The IT industry is known as the major contributor of India's overall economic growth which generates a huge amount of significant revenue, employment opportunities and foreign exchange products from all over the world (Indian brand equity foundation, 2023). It also emerged as the Global IT hub by attracting a large number of outsourcing projects from all over the world. The overall growth of this industry creates a multiplayer effect on the other leading sectors of the economic development of India. India is majorly well known as one of the emerging Global IT hubs which outsource different types of projects from all over the world. This industry is also well known as a key provider of employment all over India which offers a white range of job opportunities for a large number of skilled employees including engineers, software developers, IT consultants and the overall project managers. This sector also provides a large amount of jobs to the million people directly through their industry including eCommerce, telecommunication and IT enabled services.

The application of technical innovation is also known as one of the primary sectors which promote innovation and advancement all over India. It also served different types of opportunities to the research and development teams along with the organisations to develop digital solutions. The IT industry of India is also known as one of the crucial factors which help India to be recognised all over the world due to the higher rate of outsourcing of IT solutions. The digital transformation positively impacted different sectors including healthcare, education, agriculture, banking and other sectors (India Times, 2022). The proper growth of the IT industry can be effective for organisations to offer High quality services and bring convenience and accessibility to the overall masses of all over the world. The demand for IT professionals is increasing day by day, increasing the establishment of numerous educational programs institutes and certification courses which have the people in nursing their technical skills by promoting continuous learning and the overall culture of problem solving and innovation in a particular environment. Due to the higher rate of technical expertise in different types of advanced technologies, many of the well-known organisations started hiring IT professionals from India. Due to having expertise in various types of IT solutions, a large number of organisations and MNCs such as Google, Meta, Twitter and others are opening their branches in India. Among the major IT Giants, TCS, Wipro, Cognizant Infosys and others are well known organisations all over the world which have their head operations in India (Invest India, 2023). Therefore, a huge amount of IT projects are being developed by the organisations of India which provide a huge amount of contribution to the GDP investment of organisations in all over the world.

Evaluating the possibilities of a large number of IT projects in all over India, the IT organisations are facing different types of issues which create a huge amount of barrier for the organisation. As depicted by Willumsen et al. (2019), higher rate of IT operations and digital transformation of different industries, the number of cyber attacks is also increasing which create a huge amount of negative consequences on the overall organisational performance of the world. The application of risk management can significantly enhance the chances of a project success which involves various uncertainty complexities and pitfalls for their overall operation. Identification of risk early in the project life cycle can be helpful to avoid delays and budget overrun that create a huge amount of negative consequences on the project to failure. As illustrated by Varajão and Amaral (2021), proactively managing the risk can help the project manager to ensure the compliance of the project on proper time with a particular budget that helps to meet all types of desired quality standards of the organisation. The higher rate of risk in different types of it can also lead to the cost of which can create several types of financial implication by assessing and identifying different types of activities. Identification and accessing of different types of potential risk can help the project manager to develop contingency plans by allocating appropriate budgets and implementing different types of mitigation strategies. Different types of rest can also negatively affect the overall project timelines. As analysed by Ketabchi and Ghaeli (2019), unanticipated delays in the polite milestone including technical issues, resource conference external dependencies and other types of factors affected the overall IT projects. That also affected the organisation to get proper rate of revenue in the highly competitive environment of India.

Therefore, it is very much essential for the organisation to identify different types of grace affiliated with the IT project management activity and their proper mitigation actions. Hence, the researcher has selected this topic to conduct this study.

Rationale

The IT industry is one of the major industries in all over the world. Due to the higher rate of Government support for a good English based education system, large rate of talent school and the higher rate of open market help India to have a better flourishing IT industry. This industry plays a significant role in the overall social economic growth of India that can help to provide a good amount of support to modern India. Evaluating the overall share of the IT industry on the GDP of India, it has been identified that more than 7% market share of the Indian GDP is coming from the overall operation of the IT industry (Sun, 2023).

Figure 1: Market share of IT industry in India GDP

(Source: Sun, 2022)

Evaluating the overall import and export functionalities of the IT industries in all over the world, India is very much well known as one of the top most IT solution exporters in all over the world which has a huge amount of support for the different types of operations and financial year of 2015 to 2020. Analysing the 2021 statistics about exporting the IT solutions to the international and domestic market, 149.1 billion US dollars of IT solutions have been provided by the IT industry of India to the international market (Sun, 2023). Along with that the market share of the domestic market in IT industry is around 28.9 billion US dollars in the year of 2021. The IT industry of India is one of the major exporters of IT solutions in all over the world. Due to different types of Advanced technology based companies in all over the India, the cloud build Technology along with the EAS market of the IT industry is capturing most of the market of India by generating a good amount of revenue and providing a large rate of solutions to the international market that help the at industry to increase their growth and productivity by huge amount. Among the major companies in this IT industry, TCS or Tata consultancy services has the highest net share of 1.6 trillion Indian rupees (Sun, 2023). In the second position, HCL, Infosys, Wipro and Tech Mahindra are also well known brands all over the world where a large number of employees are working together. Evaluating the contribution of the IT industry to the overall GDP of India, it has been identified that within the year of 2025, it will be contributing around 10% to the overall GDP of India. Evaluating different types of factors of the project management, the project risk analysis is one of the most important factors that help the project manager to identify the strength and weaknesses and different types of possible opportunities after completing a particular project. The major reason behind analysing the project waste is to minimise the overall magnitude of the internal and external problems that can create a future amount of issues for the IT industry of India. As opined by Layton et al (2020), among the major types of IT risks faced by the overall IT industry or related to the low performance, lack of priority, scope creeping, time crunch, operational changes and low performance which affected the overall operation of the organisation. Application of risk management practices are the primary factors which provide a huge amount of support to the business organisation forgetting a better amount of results in a particular domain. For mitigating the risks in a particular area, different types of project management methodologies such as PMBoK, Agile, Prince2 and others are being used by the project management for development of different types of projects. Among these major project methodologies, PMBoK is one of the well known and traditional project management methodologies that provides a huge amount of support to the organisation to get a better amount of results. As depicted by Ford and Lyneis (2020), It helps to define the proper disk management process for mitigating different types of issues in a particular environment which help organisations to get a good amount of support and manage different types of risks in a particular location. The application of PMBoK methodology properly follows the overall operation of the risk management process which helps organisations to get a good amount of results. Therefore, it is very much helpful for the organisation to identify different types of methods of risk management by following that PMBoK project methodology to get better results in a particular environment. Hence, the researcher has chosen this topic to identify the overall impact of the different ways on the IT project management in the IT industry of all over India.

Research aim and Objectives

The aim of this study is to critically evaluate the importance and effectiveness of PMI - PMBoK's Risk Management model for Project Success in the Indian IT sector.

Objectives

1. To identify the importance of the IT industry in all over India.
2. To evaluate different types of factors and risks associated with the IT project.
3. To analyse the effectiveness of PMBoK risk management model for the organisation

Research Questions

What is the major importance of the IT industry in the world to get better revenue?

What are the primary reps and factors associated with different types of IT projects?

How does the PMB okay risk management model helps the project to get success in the highly competitive environment?

Significance

This research is majorly based on identifying the overall impact of different types of risks faced by the organisation at time of developing their IT projects. This research can help the organisation to get a clear idea about the effectiveness of PMBoK risk management process on mitigating the risk in a particular project. Similarly this research is also helpful for providing a clear idea about this topic which can help the future researchers to get a clear idea about their overall operation and get reference from this research. Proper development of the study can be helpful for the IT industry to understand the risks and their preventive measurement.

Limitation

Every research has its own limitations which affect the overall research work. In this research process, the researcher has used survey and Focus group strategy for collecting different types of data related to the overall operation of the project management activities in a particular industry. Due to the less amount of time constraint, the researcher has failed to get clear updates from the seconds databases to include more authentic and validated data. Similarly, due to the higher rate of budget issues, conducting the interview was also not possible which affected this research to include the more descriptive result from the manager for the IT industry.

References

Ford, D.N. and Lyneis, J.M., 2020. System dynamics applied to project management: a survey, assessment, and directions for future research. System Dynamics: Theory and Applications, pp.285-314.

India Times, 2022. Indian IT industry: Miracle of brilliance. India Times. Available at: https://timesofindia.indiatimes.com/blogs/voices/indian-it-industry-miracle-of-brilliance/[Accessed on 10^th May, 2023]

Indian brand equity foundation, 2023. IT & BPM Industry in India. IBEF. Available at: https://www.ibef.org/industry/information-technology-india[Accessed on 10^th May, 2023]

Invest India, 2023. IT-BPM Industry in India - Market Size, Opportunities, FDI. Invest in India. Available at: https://www.investindia.gov.in/sector/it-bpm/[Accessed on 10^th May, 2023]

Ketabchi, R. and Ghaeli, M., 2019. An application of fuzzy BWM for risk assessment in offshore oil projects. Journal of Project Management, 4(3), pp.233-240.

Layton, M.C., Ostermiller, S.J. and Kynaston, D.J., 2020. Agile project management for dummies. John Wiley & Sons.

MeritY, 2022. IT/Software Sector. MeritY. Available at: https://www.meity.gov.in/content/software-and-services-sector[Accessed on 10^th May, 2023]

Sun, S. 2023. Share of Information technology/business process management sector in the GDP of India from financial year 2009 to 2022. Statista. Available at: https://www.statista.com/statistics/320776/contribution-of-indian-it-industry-to-india-s-gdp/[Accessed on 10^th May, 2023]

Sun, S. 2023. Total export and domestic market size of IT-BPM industry in India FY 2015-2021. Statista. Available at: https://www.statista.com/statistics/533578/india-it-industry-export-domestic-market-size/[Accessed on 10^th May, 2023]

Varajão, J. and Amaral, A., 2021. Risk management in information systems projects: It can be risky not to do it. International Journal of Project Management and Productivity Assessment (IJPMPA), 9(1), pp.58-67.

Willumsen, P., Oehmen, J., Stingl, V. and Geraldi, J., 2019. Value creation through project risk management. International Journal of Project Management, 37(5), pp.731-749.

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