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It is the topic of the Software Engineering Project.It describes about the risk management for software development.
Typology: Summaries
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"Tomorrow problems are today's risk." Hence, a clear definition of a "risk" is a problem that could cause some loss or threaten the progress of the project, but which has not happened yet.
These potential issues might harm cost, schedule or technical success of the project and the quality of our software device, or project team morale.
Risk Management is the system of identifying addressing and eliminating these problems before they can damage the project.
We need to differentiate risks, as potential issues, from the current problems of the project.
Different methods are required to address these two kinds of issues.
For example, staff storage, because we have not been able to select people with the right technical skills is a current problem, but the threat of our technical persons being hired away by the competition is a risk.
A software project can be concerned with a large variety of risks. In order to be adept to systematically identify the significant risks which might affect a software project, it is essential to classify risks into different classes. The project manager can then check which risks from each class are relevant to the project.
There are three main classifications of risks which can affect a software project:
3. Business risks: This type of risks contain risks of building an excellent product that no one need, losing budgetary or personnel commitments, etc.
Principle of Risk Management
Risk Management Activities
Risk management consists of three main activities, as shown in fig:
There is no simple way to do this. You have to rely on your perception and experience of previous projects and the problems that arise in them.
It is not possible to make an exact, the numerical estimate of the probability and seriousness of each risk. Instead, you should authorize the risk to one of several bands:
Risk Control
It is the process of managing risks to achieve desired outcomes. After all, the identified risks of a plan are determined; the project must be made to include the most harmful and the most likely risks. Different risks need different containment methods. In fact, most risks need ingenuity on the part of the project manager in tackling the risk.
There are three main methods to plan for risk management:
relies on the judgment and experience of the project manager.
2. Risk Monitoring: Risk monitoring is the method king that your assumption about the product, process, and business risks has not changed.
Methods for Identifying Risks
Identifying risk is one of most important or essential and initial steps in risk
management process. By chance, if failure occurs in identifying any specific or
particular risk, then all other steps that are involved in risk management will not
be implemented for that particular risk. For identifying risk, project team should review scope of program, estimate cost, schedule, technical maturity,
parameters of key performance, etc.
To manage risk, project team or organization are needed to know about what
risks it faces, and then to evaluate them. Generally, identification of risk is an
iterative process. It basically includes generating or creating comprehensive list
of threats and opportunities that are based on events that can enhance,
prevent, degrade, accelerate, or might delay successful achievement of
objectives. In simple words, if you don’t find or identify risk, you won’t be able to
manage it.
Methods for Identifying Risks :
Earlier, there were no easy methods available that will surely identify all risks.
But nowadays, there are some additional approaches available for identifying
risks. Some of approaches for risk identification are given below:
Strengths-Weaknesses-Opportunities-Threat (SWOT) is very technique and helpful for identifying risks within greater organization context. It is generally used as planning tool for analyzing business, its resources, and also its environment simply by looking at internal strengths and weaknesses and opportunities and threats in external environment. It is technique often used in formulation of strategy. The appropriate time and effort should be spent on thinking seriously about weaknesses and threats of organization for SWOT analysis to more effective and successful in risk identification.
This method allows for dynamic process to be diagrammatically represented in paper. This method is generally used to represent activities of process graphically and sequentially to simply identify the risk.