Explaine Risk analysis and management in details OR What do you mean by risk? what is software risk?explaine all types of software risk. OR Write short note on risk management OR what are the different catagories of risk?
- whenever we start any business or any development process, we take into consideration the risk involved in accomplishing that task.
- similarly when software development process is started, it is main job of a software manager to look into all types of possible risk involved in the entire process.
- it involves focusing on the possible risks that could affect the project development process:
- schedule of the development process
- quality of the application under construction
- it is the responsibility of a project manager to look into the matter and take necessary action to avoid these risks.
- all the results of risk analysis and analysis of consequence of risk ocuuring should be well documented in the planning of the project itself.
- the always threaten the project development process and the software under construction.
Thee important categories of Risk OR Types of Risk
1) Project Risk :
- These are the risks that directly affected the sedule of the project and the resources involved in the development process.
Example :
- Loss of an experienced developers and designer.
2) Product Risk :
- The product risk affected the quality and performance of the application built.
Example :
- Failure of a purchased component to perform as per expectation.
3) Business Risk :
- The business risk are affected the organization those develop and process the software.
Example :
- A competitor of the organization introducing a new product.
Other Risk categories
1) Technical risks:
- Technical risks concern potential method, implementation, interfacing, testing, and maintenance issue. It also consists of an ambiguous specification, incomplete specification, changing specification, technical uncertainty, and technical obsolescence. Most technical risks appear due to the development team's insufficient knowledge about the project.
2) Known risks:
- Those risks that can be uncovered after careful assessment of the project program, the business and technical environment in which the plan is being developed, and more reliable data sources (e.g., unrealistic delivery date)
3) Predictable risks: T
- Those risk that are deduced from past project experience that is known as predictable risk.
4) Unpredictable risks:
- Those risks that can and do occur, but are extremely tough to identify in advance.
Sub-categories of Business Risk
1) Market Risk :
- Building an excellent product or system that no one really wants.
2) Strategic Risk :
- Building a product that no longer fits into the overall business strategy for the company.
3) Sales Risk :
- Building a product that the sales force doesn't understand how to sell.
4) Management Risk :
- Losing the support of senior management due to a change in focus or a change in people.
5) Budget Risk :
- Losing budgetary or personnel commitment.
Principle of Risk Management
- Global Perspective: In this, we review the bigger system description, design, and implementation. We look at the chance and the impact the risk is going to have.
- Take a forward-looking view: Consider the threat which may appear in the future and create future plans for directing the next events.
- Open Communication: This is to allow the free flow of communications between the client and the team members so that they have certainty about the risks.
- Integrated management: In this method risk management is made an integral part of project management.
- Continuous process: In this phase, the risks are tracked continuously throughout the risk management paradigm.
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