Many organizations are feeling optimistic about IoT project implementation despite some barriers and uncertainties that can break IoT projects. Some prefer to address IoT issues in house. Others refer to trusted tech partners and system integrators that help deal with technology risks and handle IoT projects efficiently.
Many software implementation projects failed because they were over budget, overdue, misled, poorly defined, or a combination thereof. IT investment statistics shows that over 80% of software implementation projects are unsuccessful, poorly executed, or canceled before completion. Meanwhile, there are several best practices that can help prevent all those failures and fight poor project management. In this article I’m going to write about 6 best practices for managing software implementation projects. The items I describe here will help you keep your IT projects profitable and gain an acceptable ROI.
Terms of Reference (ToR) provide a statement of the proposed project’s background, purpose, and objectives. A ToR template includes a range of criteria that are necessary for strategic project management decision-making. In addition, this document defines the activities, risks, budget, and expertise related to the project
The process of putting a strategic plan of managing identified threats and exploiting opportunities into action is called the implementation of the risk management plan. Such a process may take many forms – this depends on the business culture of the performing organization, history of previous efforts, available resources, number of individuals involved in the project, and other factors.
A Risk Management Plan is a formally created and approved document that describes how the risk management process will be organized, what phases it will consists of, how it will be implemented, and who will be involved in the implementation. It is a roadmap for managing identified risks and exploiting opportunities throughout the project lifecycle.