Software Risk Management Tutorial Tools and Techniques with Examples

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Software Risk Management

Risk is a problem that could cause some loss or threaten the success of the project but which has not happened yet. Risk management means dealing with a concern before it becomes a crisis.

Typical Software Risks

These can be classified as

Requirement Issue

Many project face uncertainty around the products’s requirements. If we do not control requirements related risk factors, we might either build the wrong product or build the right product badly.

Management Issue

Project manager usually write the risk management plan and most people do not wish to air the weaknesses in public. If we do not confront such touch issues, we should not be surprised, if they bite us at some points.

Lack of Knowledge

The rapid rate of change in technologies and the increasing change of skilled staff, means that  our  project team may not have the skills we need to be successful.

Risk management activities

Risk management activities consists of two key areas that are risk assessment and risk control.

Risk Assessment

It is the process of examining a project and identifying areas of potential risk. Risk identification can be facilitated with the help of a check list of common risk areas of software projects. Risk analysis involves examining how project outcomes might change with modification of risk input variables. Risk prioritization helps the project focus on its most severe risks of assessing the risk exposure.

Risk Control

It is the process of managing risks to achieve the desired outcomes. Risk Management planning produces a plan for dealing with each significant risk. We should also monitor the project as development progress by periodically re-evaluating the risks and their probabilities. Risk resolution is the execution of the plans for dealing with each risk.

Risk Estimated Method

Priority of each risk can be computed as

P =r* s

where, r. The likelihood of a risk coming true.

s = The consequences of the problems associated with _.that_. risk.

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