Bridging Risk Management and Financial Forecasting for Project Management: An Analysis of Current Practices, Challenges, and Emerging Technologies.

• Author(s): Oluwabunmi Ayoade
• Paper ID: 1706846
• Page: 34-49
• Published Date: 02-01-2025
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 8 Issue 7 January-2025

Abstract

Risk management and financial forecasting interfaces represent indispensable components of any project management toolkit, especially in such uncertain business environments as the construction industry. This paper aims to highlight the rather dynamic relationship between project management and information technology, with a focus on the increasing convergence of the two fields. This study through a cross-sectional comparison of case studies in construction, finance, and technology sectors establishes the value of emerging technologies like Artificial Intelligence (AI), Machine Learning (ML), big data, blockchain, and IoT in strengthening risk management and financial forecasts. This Paper describes such advantages and disadvantages of combining these functions, for instance, the breaking of organizational silos, data dispersion, and cultural issues. Moreover, it explores how innovative approaches to disaggregated models of predictive analytics, real-time monitoring, and future scenario planning are revolutionizing project management by offering improved projection accuracy and allowing for a risk management approach to be developed and implemented. Thus, if enterprise risk management is combined with financial management and integrated with forecasting systems, organizations will benefit from advantages such as more dynamic decision-making, and better use of resources However, organizations have to consider several challenges like technological adoption, data governance, and potential gaps of workforce skills when implementing risk management in organizations. The paper concludes by discussing the future outlook for integrated risk and financial management frameworks and arguing that there is a requirement for strategic direction, and a systems approach to address the growing levels of complexities in today’s projects.

Keywords

Risk Management, Financial Forecasting, Project Management, Emerging Technologies, Artificial Intelligence (AI), Machine Learning (ML), Big Data Analytics, Blockchain, Internet of Things (IoT)

Citations

IRE Journals:
Oluwabunmi Ayoade "Bridging Risk Management and Financial Forecasting for Project Management: An Analysis of Current Practices, Challenges, and Emerging Technologies." Iconic Research And Engineering Journals Volume 8 Issue 7 2025 Page 34-49

IEEE:
Oluwabunmi Ayoade "Bridging Risk Management and Financial Forecasting for Project Management: An Analysis of Current Practices, Challenges, and Emerging Technologies." Iconic Research And Engineering Journals, 8(7)