• Journal of Internet Computing and Services
    ISSN 2287 - 1136(Online) / ISSN 1598 - 0170 (Print)
    http://jics.or.kr/

A Checklist for Assessment of Risks Involved in IT Service Project Contract


Eun Joo Jeong, Seung Ryul Jeong, Journal of Internet Computing and Services, Vol. 15, No. 4, pp. 57-66, Aug. 2014
10.7472/jksii.2014.15.4.57, Full Text:
Keywords: IT service project, project contract, project risk management, project profit

Abstract

Risk factors are the reason behind cost overruns and delays in long-term large-scale IT service projects. Major risks originate from the integration of complex IT system components, including software, hardware, and solutions; the competitive bidding process; the turnkey and firm-fixed price nature of contracts; and the project execution environment. We have identified several risk factors such as delay in acceptance, low quality of deliverables, delay in payment, adding and changing requirements and scope, unclear definition of roles and responsibilities of the buyer and supplier, and unclear procedures of change and quality management during the project execution phase. One needs to manage risks proactively before signing the contract. In order to weed out or lower the risk factors well in advance, we need to identify and remove risk factors contained in contract clauses and attached contract documents. We propose a checklist for assessing IT service project contracts. To validate the checklist's utility, we applied it to an IT service project in the finance industry. The results show that the checklist is effective in identifying and removing risk factors pertaining to IT service projects.


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Cite this article
[APA Style]
Eun Joo Jeong and Seung Ryul Jeong (2014). A Checklist for Assessment of Risks Involved in IT Service Project Contract. Journal of Internet Computing and Services, 15(4), 57-66. DOI: 10.7472/jksii.2014.15.4.57.

[IEEE Style]
E. J. Jeong and S. R. Jeong, "A Checklist for Assessment of Risks Involved in IT Service Project Contract," Journal of Internet Computing and Services, vol. 15, no. 4, pp. 57-66, 2014. DOI: 10.7472/jksii.2014.15.4.57.

[ACM Style]
Eun Joo Jeong and Seung Ryul Jeong. 2014. A Checklist for Assessment of Risks Involved in IT Service Project Contract. Journal of Internet Computing and Services, 15, 4, (2014), 57-66. DOI: 10.7472/jksii.2014.15.4.57.