Building on prior research related to (1) impact of information communication technology (ICT) and (2) operational risk management (ORM) in the context of medium and small enterprises (MSEs), the focus of this study was to investigate the relationship between (1) ICT operational risk management (ORM) and (2) performances of MSEs. To achieve the focus, the research investigated evaluating models for understanding the value of ICT ORM in MSEs. Multiple regression, Repeated-Measures Analysis of Variance (RM-ANOVA) and Repeated-Measures Multivariate Analysis of Variance (RM-MANOVA) were performed. The findings of the distribution revealed that only one variable made a significant percentage contribution to the level of ICT operation in MSEs, the Payback method (β = 0.410, p < .000). It may thus be inferred that the Payback method is the prominent variable, explaining the variation in level of evaluation models affecting ICT adoption within MSEs. Conclusively, in answering the two questions (1) degree of variability explained and (2) predictors, the results revealed that the variable contributed approximately 88.4% of the variations in evaluation models affecting ICT adoption within MSEs. The analysis of variance also revealed that the regression coefficients were real and did not occur by chance
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