The Importance of Continuous Value Based Project Management in the Context of Requirements Engineering

TL;DR

This paper emphasizes the critical need for continuous value-based project management in requirements engineering to identify and mitigate emerging economic risks early, aiming to improve IT project success rates.

Contribution

It introduces the concept of continuous value-based project management as a novel approach to address economic risks in requirements engineering.

Findings

Highlighting the high failure rate of IT projects due to unforeseen risks

Identifying the gap in scientific literature for financial risk management methods

Proposing the integration of continuous financial methods into project steering

Abstract

Despite several scientific achievements in the last years, there are still a lot of IT projects that fail. Researchers found that one out of five IT-projects run out of time, budget or value. Major reasons for this failure are unexpected economic risk factors that emerge during the runtime of projects. In order to be able to identify emerging risks early and to counteract reasonably, financial methods for a continuous IT-project-steering are necessary, which as of today to the best of our knowledge are missing within scientific literature.