Project risk ranking based on principal component analysis – an empirical study in Malaysia-Singapore context

Pang, Der-Jiun and Shavarebi, Kamran and Ng, Sokchoo (2022) Project risk ranking based on principal component analysis – an empirical study in Malaysia-Singapore context. International Journal of Innovative Computing, Information and Control, 18 (6). pp. 1857-1870. ISSN 1349-4198, DOI

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Information Technology (IT) remains a robust and sustainable industry, re-sulting in high demand for IT project practitioners. Nevertheless, the high failure rate of IT projects has resulted in significant losses for many companies. This crucial issue needs immediate attention. One of the focusing points should be adopting a practical and proactive project risk management approach. This study aims to determine whether Principal Component Analysis (PCA) can be used in project risk management. The survey was conducted on targeted project managers in the Malaysia-Singapore region. Underlying trends and patterns were analyzed based on an intrinsic risk ranking study. PCA was performed to isolate highly associated key risks from less associated lower-ranked risks. As a result, PCA effectively removed weakly correlated risk factors while identifying significant components and retaining the data information. The results showed that combining PCA with established risk management approaches provides a credible risk assessment based on criticality. © 2022, ICIC International. All rights reserved.

Item Type: Article
Funders: None
Uncontrolled Keywords: Failure analysis; Risk analysis; Risk assessment; Risk management; Analyse; Assessment; Information technology projects; Malaysia; Principal-component analysis; Project risk; Project risk management; Ranking; Risk ranking; Singapore; Principal component analysis
Subjects: Q Science > QA Mathematics > QA75 Electronic computers. Computer science
Depositing User: Ms. Juhaida Abd Rahim
Date Deposited: 24 Nov 2023 03:35
Last Modified: 24 Nov 2023 03:35

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