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Minimizing risks is the identification of the hazards and risks that cause project to fail as well as identifying steps that can be taken to solve these hazards and risks. IT project management is the process of planning, staffing, organizing, directing, controlling and scoping the development of an acceptable system at minimum cost within the specified time frame. IT management is a group that is involved in exploring and understanding information technology as a resource that determines strategic and operational abilities of the organization in developing as well as designing products to satisfy the customers fully.

Profitability and competitiveness is very important here. In IT project management, there are functions that are done in order to help in managing the project hence minimizing the risk occurrence. They are among others scoping, planning, estimating, scheduling, organizing, directing, controlling and closing. Scoping is defining the boundaries of the project in terms of what part of the business is to be studied, analyzed, deigned, constructed, implemented and ultimately improved.

Planning identifies the required tasks to complete the project. This is based on the IT management understanding of the project goal and the method used to achieve the goal. Each task required to complete the project must be estimated in terms of how much time will be required and how many people will be needed. Another aspect of estimation is prioritizing the activities that will be undertaken. These estimating issues can be resolved with the project modeling tools. Given the project plan, the project manager is responsible for scheduling all project activities. The schedule of the project should be created with a clear understanding of all needed tasks, their duration as well as their perquisites.

Another way of minimizing risks in IT project management is that the IT management team should understand their individual roles and responsibilities as well as their reporting relationship to the manager. Once the project has begun, the project manager directs the mananagement to their activities. The manager must demonstrate the management’s skills to coordinate, motivate advice, appraise and reward the management. The project manager must also monitor and report the progress against goals, schedule and costs and make the required adjustments.

The project manager always assesses the success and the failures at the conclusion of the project. They learn from the mistakes and plan for the improvement of the system development process. There are many benefits of minimizing risks. They include preventing schedule delays, reducing project costs and better attainment of customer requirements. The most common approaches of minimizing risks are brainstorming, interviewing and evaluations. Brainstorming involves thinking and evaluating where the source of risk could be. Interviewing project management mans talking to project staff members and getting to know their views on where the sources of risks are. Evaluation involves knowing the project specification, plan, work break down and work schedule.

In risk management there are principles for minimizing risks. They include creating value to the project by ensuring that it is systematic and also structured. The project should be based on the best available information and should be transparent and inclusive. Other important principles of minimizing risks include having a systematic and structured project that is dynamic, interactive and responsive to change.