Example of a company took a big risk on an it project

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Reference no: EM133417572

Assignment:

Find an example of a company that took a big risk on an IT project and succeeded. In addition, find an example of a company that took a big risk and failed. Compare and contrast the two companies. What were your lessons learned from these anecdotes?

Reference:

Schwalbe, K. (2019). Information Technology Project Management. Cengage Learning

Directions

Please follows these steps:

1. Read the main prompt above and perform the activities directed. Then, please share your insight or lessons learned.

Answer to the prompt:

A company that took a significant risk on an IT project and succeeded is Tesla. Tesla made a big move to enter the automotive market, which was dominated by well-established companies such as Toyota, Audi, BMW, Ford, and others. Tesla focused on developing electric vehicles, which was a major evolution in a market where customers were accustomed to driving only gasoline-powered cars. Furthermore, Tesla invested heavily in building a global network of EV charging stations, which proved to be a strategic move that helped boost the adoption of its EV models.

Nokia, on the other hand, is an example of a company that took a big risk and failed. In the early 2000s, Nokia was the dominant player in the mobile phone industry, with a market share of over 50%. However, Nokia failed to adopt the emerging trend of touch-screen smartphones; they continued to produce traditional phones using keypads and use their operation system, Symbian, while other competitors had already switched to Android - a user-friendly operating system.

The lesson learned from those examples is that the company needs to be proactive and forward-looking in anticipating and responding to market trends. Additionally, the company should be willing to take calculated and strategic risks to pursue new opportunities.

Reference no: EM133417572

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