Managing risks in virtual-agile it projects: The paradigm of responsiveness

Managing risks in IT projects has always been a critical area of study for many researchers and practitioners. Due to the rapid advances in information and communication technologies (ICTs), there is an increasing number of challenges and issues for the IT organisations. Virtual-Agile IT projects being virtually operated and based on Agile methodology principles are facilitating IT industry having their main application in the software development industry, where entities from diverse backgrounds have varied working practices, languages and culture, and works together for achieving common aims. There have been several benefits integrated with the application of Virtual-Agile IT projects but the intersection of these two unique working concepts (Virtual-Agile) gives rise to several risks and uncertainties which have now become a point of concern for these organisations. The need for minimising the possibility of such evolving risks and uncertainties became the foundation of conducting this study from a theoretical viewpoint, where the researcher aimed to propose a conceptual framework helping organisations meet their business objectives constructively.

The study is exploratory in nature which discovers all those appropriate practices, strategies and guidelines which support reducing risk and uncertainties between the distributed stakeholders during the product development phase. The research methodology used is primarily dependent on qualitative methods combined with the grounded theory methodology to gather rich and rigorous information from experienced and professional personnel from different geographical regions. Depending upon the procedures of grounded theory methodology, the data were collected and analysed simultaneously under the principles of constant comparison and theoretical sampling. The procedures helped to determine thought-provoking results and highlighted various dimensions of the phenomenon under investigation.
Responsiveness which emerged as the central phenomenon to overcome risks and uncertainties in Virtual-Agile IT project environments proposes for a proactive system which could be able to deal with project uncertainties, thus reducing the likelihood of potential risks, and enhancing opportunities for the organisations. Responsiveness, which is an ability of the system to perceive, reflect and adapt changes in the project environments is dependent upon efficiently management of three major components, i.e. technology, timeliness and communication. Technology which is the most critical element when operating in virtual environments requires standardization and should be extensively used to develop strong networks and integration between various locations around the world. Timeliness is elementary and a pre-requisite for completion of on-going multiple projects in IT organisations Communication which is the utmost component, is required at various levels for evolving synchronisation in the overall system, such as when developing correlation and satisfaction among distributed stakeholders, estimating the level of required competency and ensuring an efficient knowledge transfer process. Responsiveness, which is required throughout the development cycle, also further influences formal risk management practices undertaken at various levels of the project. Risk management planning and implementation of the response strategies are dependent upon Responsiveness i.e. how well, timely and using technical resources the entities communicate for determining a solution to a problem. The paradigm developed, thus reflects industrial practices undertaken in the software development industry to meet project objectives and would support organisations and their prominent stakeholders to overcome risks and uncertainties in the future Virtual-Agile IT projects.