Software Risk Analysis and Management

Software Risk Analysis and Management:

Risk Analysis in project management is a sequence of processes to identify the factors that may affect a project's success. These processes include risk identification, analysis of risks, risk management and control, etc. Proper risk analysis helps to control possible future events that may harm the overall project. It is more of a pro-active than a reactive process.

Risk analysis and management are actions that help a software team to understand and manage uncertainty.  Many problems can plague a software project. Regardless of outcome, it’s a really good idea to identify the risk, assess its probability of occurrence and estimate its impact.

Types of Risks:

• Project risk
• Technical risk
• Business risk
• Known risks 
• Predictable risks 
• Unpredictable risk

Risk Management:

Risk management is concerned with identifying risks and drawing up plans to minimise their effect on a project.

A risk is a probability that some adverse circumstance will occur

Project risks affect schedule or resources;

Product risks affect the quality or performance of the software being developed;

Business risks affect the organisation developing or procuring the software.

Software Risks:

Risk identification

Identify project, product and business risks;

Risk identification is the process of determining risks that could potentially prevent the program, enterprise, or investment from achieving its objectives. It includes documenting and communicating the concern.

Risk analysis

Assess the likelihood and consequences of these risks;

A software risk analysis looks at code violations that present a threat to the stability, security, or performance of the code. Software risk is measured during testing by using code analyzers that can assess the code for both risks within the code itself and between units that must interact inside the application.

Risk planning

Draw up plans to avoid or minimise the effects of the risk;

Risk planning is the process of identifying, prioritizing, and managing risk.Risk events threaten the successful completion of these critical success factors. Thus, risk planning involves identifying the most important risk events in advance, prioritizing them, and developing the appropriate risk response plans.

Risk monitoring

Monitor the risks throughout the project;

Risk monitoring is the process which tracks and evaluates the levels of risk in an organisation.The findings which are produced by risk monitoring processes can be used to help to create new strategies and update older strategies which may have proved to be ineffective.