Risk first step otherwise it’s difficult to map

Risk Management

 

Risk is nothing but to expect a loss, a problem
that might or might not occur in the near future. The cause of risk is due to
irrelevant information, control or time. The loss occurred while creating a
software comes under software risk. The risks occurred can be hike in
production cost, poor quality product, not finishing the software on time.
Software risks are kind of unpredictable as they occur in the mere future. The
risk management should be done right from the first step otherwise it’s
difficult to map or backtrack the issues through which the risk was triggered.

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 Software
risks can be of two types

1)     
Internal risks: – These type of risks are within
the control of project manager.

2)     
External risks: – These type of risks are not
within the control of project manager.

The risk management is done to

1)     
Identify the risk

2)     
Reduce the risk impact

3)     
Reduce the probability of likelihood of risk

4)     
Risk monitoring

The project manager deals with the risks arising
from 3 main cases:

Known risks: –
The facts that are known to the entire team of the project. But due to the lack
of the developing staff, analyzing staff might delay the project. Such risks
are described and included in the Project Management Plan.

Known risks
that are unknown: – The facts that are known are the first step
itself but it is unknown whether that risk will appear or not. For example the
communication with the client and the requirements are noted down correctly or
not.

Unknown risks
that are unknown: – The facts that are completely unknown for
example the client needs the software prepared in a completely new technology
which the company has not implemented at all, which leaves the entire project
prone to risk.

The Risk Management consists of following
processes: –

1)      Software
Risk Identification

2)      Software
Risk Analysis

3)      Software
Risk Planning

4)      Software
Risk Monitoring

 

 

 

Software Risk Identification: –

In order to make the process of
risk identification easy, first there is a need of referring the previous
databases, and study those properly that is the problems faced previously, the
loopholes caused due to different those 3 main cases. The most important can be
the known risks that are unknown through interviews and brainstorming sessions.
The best of analyzing such risk patterns are through flowchart diagrams. Any
decision related to the external factors that are SLEPT should be evaluated
accordingly and with proper care. A proper documentation should be created
about the risk identification that are the risk id’s, date of identification
and description.

 

 

 

Software Risk Analysis: –

In this phase the risk factors
are identified and then hierarchically categorized, which is then followed by
calculating the risk level, likelihood and the impact of the risk. The previous
steps are done through analysis.

The technical conditions of the
risk occurring are: –

1)      Complexity
In acknowledging the technology

2)      Technical
acquaintance of the testers

3)      Miss-communication/Miss-co-ordination
within the team

The impacts of the risks are: –

1)      What
monetary loss to the customer?

2)      What
impact will it have on the business?

3)      Hindrance
to the growth and reputation

4)      Legal
actions against the company

Level of risk identified are: –

1)      Qualitative
Risk Analysis

2)      Quantitative
Risk Analysis

 

 

 

 

Software Risk Planning: –

It is all about:

1)      Rewriting
the preventive measures which will nullify the level or likelihood or
probability of various risk factors.

2)      Calculating
some defensive measures in case of sudden strikes or signs of risks.

3)      Monitoring
of hierarchical processes to identify the risks as early as possible.

 

 

Software Risk Monitoring: –

Scheduled repetitions are
arranged to keep a track on high priority risks. It comprises of:

1)      Keeping
track on the documented risk plans to cope up with the major changes in the
main plans.

2)      Generating
status reports.

3)      The
likelihood that has negligible risk impact over a period of time should be
discarded.

4)       Scheduled digging for new risks.