What is a risk? In any field, it is identified as a potential problem. In software development there are many risks that must be assessed. Each project wants to be differentiated in one way or another and this creates certain levels of uncertainty because of factors like technological advancements & quality levels. These risks may compromise the success of a project and it is very important to understand the probability and scope of these risks.
To generate a successful project a project manager must identify, assess, prioritize and manage all of the mayor risks that may be encountered during development.
There is a lot of guesswork involved in risk management and crisis-management must be performed to contain the possible losses caused by the potential problems.
The following tasks must be performed:
• Identify risks and their triggers
• Classify and prioritize all risks
• Craft a plan that links each risk to a mitigation
• Monitor for risk triggers during the project
• Implement the mitigating action if any risk materializes
• Communicate risk status throughout project
There are five main areas in software risk management:
• New, unproven technologies
• User and functional requirements
• Application and system architecture
• Performance
• Organizational
Risk Management in Software Development and Software Engineering Projects