Optimizing the risk management process in outsourcing based on project management platform database

Abstract

This thesis focuses on optimizing aspects of the risk management process in an outsourcing IT organization. With application of the NLP algorithm, we assess the risk mitigation action items, entered by project teams into the risk register of a centralized risk management platform. As an outcome, we enable the system to provide optimal risk mitigation action items that can be used in the template risks, created by the system automatically, saving time for project leadership and improving the quality of the risk mitigation suggestions for project teams, based upon the automatically detected optimal best practice action items. The suggested approach should contribute to decreased amount of the project risks in the long run, thus ensuring improvement of the overall delivery quality of organizations.