RISK MANAGEMENT

 

Objectives

• Identify, analyze and develop a risk management plan for the potential risks in the project.

 

Description

Risk is defined as an exposure to the chance of injury or loss. That is, risk implies that there is a possibility that something negative may happen. In the context of software projects, negative implies that there is an adverse effect on cost, quality, or schedule. Risk management is the area that tries to ensure that the impact of risks on cost, quality, and schedule is minimal.

 

Tools

SimpleRisk: An open source risk management tool. Download link: http://www.simplerisk.org/downloads

 

Procedure

• Consider the project that you have chosen. List risks and classify each as project, technical, or business and is common to all projects or specific to this project.

• Estimate the probability and impact of the risks elicited.

• Calculate the risk exposure by multiplying the risk probability by the cost of the risk event.

• Draw the risk decision tree.

• Consider the risks identified in the risk identification problem. Suggest an approach for either decreasing the probability or decreasing the impact or both.

• Develop risk management plan

 

Problem

Identify the risks in your project and classify them as project, technical, or business and as common to all or special to this project. Draw a risk decision tree. Develop a risk table showing the probability and impact of the risk. Write Risk Mitigation, Monitoring and Management (RMMM) plan. (Annexure II)

 

Deliverables

• Risk management plan.

 

References

 

• David Gustafson: Software Engineering, Schaum's Outline Series, McGraw Hill, 2002, pg. 91-98

• Roger S. Pressman: Software Engineering A Practitioner's Approach, 7th Edition, McGraw Hill, 2010, pg. 726-740