Project management practices and implementation of information technology projects among selected commercial banks in Kenya

Abstract

The main objective of projects in commercial banks is efficient and effective service to customers and reduction of expenses in the banking institution. The main aim of the study was to establish the effects of project management practices on implementation of information technology projects among commercial banks in Kenya. The study used a descriptive survey method. All primary and secondary data were collected. Project Manager as well as the project team picked from the human resource, information technology, customer care, finance and credit departments were the respondents of the questionnaire in each bank. Descriptive as well as inferential statistics were used in analyzing the data. In analyzing the extent of the relationship between the variables in the project, the correlation was used. Regression was also used in obtaining an equation describing the dependent variable about the independent variable using the regression model. As per the analysis of the findings, the respondents stated that they often prepare cash flow statements. The findings showed that the respondents were in agreement that they set up credit guidelines for customers very often. Regarding monitoring and evaluation, the respondents it enhances the quality of project management. According to the findings, the risk is considered key factors for a performance management and that the banks have implemented risk management systems. The research made the conclusion that well-organized monitoring system provides a good base for the proper design of final assessment. The results indicated that project monitoring and evaluation has the strongest positive influence on the implementation of IT projects. In addition, fund management practices, stakeholder management, and project risk management are positively correlated to the implementation of IT projects. The correlation matrix states that the independent variables have a positive effect on the implementation of IT projects. This shows that these variables are very crucial and as such ought to be considered in any efforts to boost IT project implementation in commercial banks in Kenya. The study proposes that the management should involve stakeholders, fund managers, project monitoring and evaluation and project risk managers in project life cycle. The managers ought to have the will and ability to listen, truly seek and value different voices, make a special attempt to hear and comprehend. The banks ought to adopt the most upgraded ICT banking systems and open source software for non-critical internal procedures to enhance efficiency in the implementation of IT projects. Keywords: ICT banking systems, project risk management, IT project implementation