High Failure Rates of New Products in the Market - Research Proposal Example

According to Borek et al. (2014) as business reliance on information systems grow, so does the business-related impacts of information systems failure. Most information systems project typically takes place in an unpredictable atmosphere in which many disparities exist that may eventually affect the successful outcome of the project. Post-project analysis usually reveals that many of the problems that were encountered were, in fact, predictable. A project is termed to be successful if it meets standards of measures such as reliability, functionality, efficiency, maintainability, and operability, also if it is delivered on budget and time.

While there are many forms of failure, one that occurs more often is the project that tends to stand on its own. These are the projects that continue absorbing valuable resources without the prospects of ever reaching their aims and goals. Eventually, such projects are abandoned but the cost that was incurred in funding those results in the loss of organizational resources. Information systems risk management is a type of approach that tends to formalize risk-oriented risk-oriented correlates of success into applicable sets of practices and principles.

It incorporates guidelines and techniques to identify, control and analyse information systems risk. It is aimed at taking measures to either prevent risk from destroying the project and monitoring the risks involved with information systems. By having risk management in a project, the exposure to information system risk will be significantly reduced thereby increasing the quality and improve the development of the system. As of late, high failure rates of new products in the market have been recorded.

New products have very high potential risks for failure that the organizations tend to put less focus on. Companies tend to use the average risk management procedures that usually bring about poor results. It is for this reason that this paper was made.