Software Project Risk Management Practice in Oman

Oman is a member of Gulf Cooperation Council (GCC). It is located in Southwest Asia and it has strategic significant boundaries, Overlooking the Arabian Sea, Gulf of Oman, and the Persian Gulf. It is the 80th in Global Innovation Index in 2019 and 63 in E-Government Development Index in 2018. Oman is an effective member of the Greater Arab Free Trade Agreement (GAFTA) and the World Trade Organization (WTO). Furthermore, Oman's government has continued efforts to develop local and foreign investments by signing a Free Trade Agreement (FTA) with the USA. Oman plays a significant role in investments due to its strategic location connected to the markets in the Gulf, the Middle East, Asia, and Africa. Oman's vision is to involve all new technologies to be always beside the developed countries. To achieve that, Oman established The Government Innovation Initiative to encourage government entities in creativity and introduce their suggestions to enhance governmental performance and enhance the efficiency in different fields. This is realized by involving modern technologies like the Internet of Things (IoT), Artificial Intelligence (AI), Cloud Computing, Virtual Reality Applications, and Blockchain. In Oman, the risk management approach is a core technique. Three major stages are applied systematically in risk management in software projects. These stages involve a) identifying the risk; b) analyzing and assessing the risk, and c) reaction to the risk. There is no doubt that the high risk belonged to business will have negative impacts on all of its participants. Wherefore, this paper sheds the light on that knowledge area. The aim of this paper is to review the present literature on risk management processes implemented in software projects. There is a dearth in the literature which covers the risk management area knowledge in Oman's organizations. This paper target finding out the commonly used frameworks or mechanisms in risk management in software projects. It also tries to collect the responses to state the various types of risk origins in the existing profit and non-profit organizations in Oman and to recognize the coming research trends in this area. Keywords— Risk Management; Software projects; Oman; Risk Management process; Risk