Project risk management has been an aspect of business for a very long time, yet it has never been more centralized or scientific in application. (Simons, 1996, p. 3) The process of project risk management is essential to the development of profitability, and especially in large scale production. (Fairbanks, Vance & Chrisman, 2006, p. 97) The utilization of information technology to develop systems of centralized knowledge of the development of a project from conception to completion is an essential aspect of information technology in general. With the information that is gathered and hopefully utilized by a good IT department almost anything about a particular product or project should be accessible at any given time. (Frame, 2002, p. 92)
             Software developments have also stimulated interest in risk management. Project scheduling software now enables ordinary project managers to create sophisticated models of their projects on their PCs; this previously required the power of mainframes and battalions of programmers. Once the project is modeled, it can be used to explore the full range of consequences arising from different actions. (Frame, 2002, p. 92)
             IT itself is also far more frequently under scrutiny to provide its own project risk management in association with the benefits and standards of IT projects and the desires of the organization for benefits derived from IT. In short IT must utilize PRM in order to provide PRM for physical projects being completed or even contemplated by an organization. (Cats-Baril & Thompson, 1995, pp. 559-566)
             Some examples are; raw materials acquisition, raw materials prices, ETA, conceived deadlines of most aspects or stages of project development as well as the total cost of a project to complete, broken down by product or entire project. IT can also provide economic information, to a job cost professional regarding how many of a certain products must be created and potentially sold for a pr...