The document outlines the process of risk identification in project management, emphasizing the importance of systematically enumerating potential risks. It discusses various types of risks, including project, product, and business risks, and introduces strategies for risk mitigation and avoidance. Additionally, it highlights the need for ongoing risk monitoring and reevaluation throughout the project lifecycle.
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Software 10 Assignment
The document outlines the process of risk identification in project management, emphasizing the importance of systematically enumerating potential risks. It discusses various types of risks, including project, product, and business risks, and introduces strategies for risk mitigation and avoidance. Additionally, it highlights the need for ongoing risk monitoring and reevaluation throughout the project lifecycle.
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Risk Identification
In the risk identification step, the team systematically
enumerates as many project risks as possible to make
them explicit before they become problems,
“There are several ways fo Look atthe kinds of software
project risks, as shown in the following table 3
11 is helpful to understand the different types of risk s0
that a team can explore the possibilities of each of
them.
‘Table 3 : Different types of risk
[Gemeieits | Product Specie nets |
Project Risks | Product Risks | Business Risks
| Factors to consider
People, size, process, technology, tools, organizational,
‘managerial, customer, estimation, sales, support
Procedure
= Risk Mitigation
Related to risk planning, through risk mitigation, the
team develops strategies to reduce the possibility or the.
Joss impact of a risk. Risk mitigation produces a
situation in which the risk items are eliminated or
otherwise resolved.
= Risk avoidance
‘When 2 lose-lose strategy is likely, the team can opt 10
climinate the risk is an example of a risk avoidance
strategy isthe team opting not to develop a product oF a
costenefit analysis {0 decide whether the by
acerved by the risk management steps
costs associated with implementing them,
calculation can involve the calculation of risk
Risk Leverage = (risk exposure before
risk exposure after reduction)/cost of risk
If risk leverage value, of, is <1, clearly the b
applying risk reduction is not worth its cos. If
slightly > 1, still the benefit is very questi
because these computations are based on
estimates and not on actual data. Therefore, ris
‘multiplied by a risk discount factor p < 1. If p
then the benefit of applying risk reduction is
‘worth its cost.
1 he daconted leveraged valved smo high
to justify the action, the team should look for othe
costly or more effective, reduction techniques.
Risk Monitoring
‘After risks are identified, analyzed, and
actions are established,
regularly monitor the progress of the pro
resolution of the risk items, taking
‘when necessary. This monitoring can be.
the team project management activities or
risk management activities.
‘Often teams regularly monitor their
Risks need to be revisited at regular
‘team to reevaluate each risk to
