The failure of information technology projects has always been a detrimental problem for many organizations. With tons of new technology coming out throughout the year, new IT projects continue to grow year after year. Unfortunately, project success rates are very low and have even declined since the last estimate. Project risk factors are important to know and avoid to make a project successful. This document will explain risks in knowledge areas, how to identify risks and explain the risk register. It will also involve identifying and defining qualitative and quantitative risk analysis. Additionally, it will cover planning for positive and negative responses to risks. Finally, it will conclude on how to monitor and control IT project risks. Even with the rise of new technologies and countless new projects created for these technologies, their success is still very low. According to a Standish Group student in the CHAOS research, information technology projects are only 28 percent successful, which is lower than the previously estimated 34 percent. Additionally, 18% of IT projects were canceled before reaching the development cycle, and 51% had to be stopped because they exceeded the required budget. Additionally, the Standish Groups estimated that approximately 80,000 projects were canceled in 1995. With these estimates, they came up with ten main reasons for these cancellations. CHAOS University then conducted another study to further implement the Standish Group's assertions, which contributed to the Information Technology Success Potential Scorecard. The way Standish Groups conducted its study was to gather 60 information technology professionals and ask them to give... middle of paper. .....March 1, 2011 at http://www.brighthub.com/office/project-management/articles/33403.aspx3. Tesch, Debbie, Kloppenborg, Timothy J, Frolick, Mark N. (2007). Risk factors in IT projects: the point of view of project management professionals. The Journal of Computer Information Systems. Retrieved March 1, 2011 from http://www.allbusiness.com/management/risk-management/8906256-1.html4. Ireland, Jaye. How to identify project risksProject risk management. Retrieved March 1, 2011 from http://www.ehow.com/how_5068663_identify-project-risk.html5. Standish Group. Example of research. Unfinished journeys. Retrieved March 1, 2011, from http://www.standishgroup.com/sample_research/unfinished_voyages_1.php6. Cobb, Martin. Unfinished JourneysA follow-up to the CHAOS report. Accessed March 1, 2011. From http://www.umflint.edu/~weli/courses/bus381/assignment/vo.pdf