Risk And Risks On The Probability Of Risk Management

Executive Summary:

Risk is a potential problem which means there is an uncertainty in the occurrence of a problem. Because of this uncertainty it is hard to find whether a particular event is going to be negative impact on the project. Risk can also be defined as the probability of suffering loss. Risks can be categorized into the following subparts:

i. Project Risks: These risks affects the project plan thereby negatively affect the project schedule thereby increasing the project costs. ii. Technical risks: These risks affects the quality and timeliness of the project which will make the implementation more difficult. iii. Business risks: These risks occur only if the above risks become real thereby affecting the product or project as a whole.

by the impact of risk events 2. Probability of occurrence

Risk index is described as the multiplication of impact and probability of occurrence. Depending on the impact and occurrence risk index can be classified as low medium and high. In the project we use risk index for the prioritization of risks.

Introduction:

Risks in software is an unavoidable situation and occurs in private and public sector organizations. Projects should be managed properly in order to avoid risks so that the projects don’t get affected largely. It is said that risk management is a methodology that helps managers make best use of their available resources. Risk management reduces the risks in a project by observing complex software systems. The process of risk management includes identification of risks, analysis, planning, tracking, controlling and communication of risks. Risk management can be divided into two parts:

1. Risk Assessment

2. Risk Control

Risk Assessment can be divided into three parts:

i. Risk Identification ii. Risk

Our aim is to monitor the risks areas for early detection of errors and also to ensure the management awareness of risks. The main objectives is to generate accurate estimates for modifying and integrating existing software and thereby developing the software at the expected productivity rate. The project will also look into the ability to estimate the proper size of the software development and integration effort where the known state of the software level requirements are collected at the time of estimate. The objective also includes the ability to effectively manage the requirements and changes which will result in software size growth. This will adversely affect the scheduled