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Software risks  Risk identification  Risk projection  Risk refinement  Risk mitigation, monitoring, management

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Risk always involves two characteristics:   Uncertainity– the risk may or may not happen; that is, there are no 100% probable risk .    Loss– If the risk becomes a reality, unwanted consequences or losses will occur  Must quantify :      Level of uncertainity.      Degree of loss associated with each risk

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The first step is to identify the risks that the business is exposed  to in its operating system. It is important to identify as many of these risk factors as possible. In a manual environment, these risks are noted down manually. The advantage of this approach is that these risks are now visible to every stakeholder in the organization with access to the system . Two types of risks: Generic risks– Potential threat to every software project. Product specific risk– Identified by: those  with a clear understanding of the technology, the people, and the environment that is specific to the project at hand .

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Rate each risk in two ways: The probability that the risk is real. The consequences of the problems associated with the risk, should it occur. Four risk projection activities: Establish a measure that reflects the perceived likelihood of a risk. Delineate the consequences of the risk Estimate the impact of the risk on the project and the product. Note the overall accuracy of the risk projection so that there will be no misunderstandings.

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A risk may be stated generally during early stages of project planning. May be possible to refine the risk into a set of more detailed risk One way to do this is to represent the risk is condition-transition-consequence(CTC) format.

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Effective strategy must consider three issues: Risk avoidance Risk monitoring Risk management and contingency planning Develop a strategy to mitigate this risk for reducing turnover. Meet with current staff to determine causes for turnover ( eg., poor working condition, low pay) Mitigate those causes that are under our control before the project starts. Organize project teams so that information about each development activity is widely dispersed. Define documentation standards and establish mechanisms to be sure that documents are developed in a timely manner.

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For high staff turnover, the following factors can be monitored: General attitude of team members based on project pressures. The degree to which the team has jelled. Interpersonal relationships among team members. Potential problems with compensation and benefits. The availability if jobs within the company and outside it .

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Project manager should monitor the effectiveness of risk mitigation steps. Risk management and contingency planning assumes that mitigation efforts have failed and that the risk has become a reality. Mitigation strategy makes sure: Backup is available. Information is documented. Knowledge has been dispersed across the team. RMMM steps incur additional project cost   eg ., spending time to “Backup” every critical technologist costs money. Large project- 30 or 40 risks. 80% of the overall project risk can be accounted for only 20% of the identified risks.

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Risk mitigation, monitoring, and management plan (RMMM)- documents all work performed as part of risk analysis and is used by the project manager as part of overall project plan. Alternative to RMMM- Risk  Information Sheet(RIS). RIS is maintained using a database system, so that creation and information entry, priority ordering, searches, and other analysis may be accomplished easily. THREE primary objectives: Access whether predicted risks di, in fact, occur. Ensure that risk aversion steps defined for the risk are being properly applied. Collect information that can be used for future risk analysis.

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