Question

What is s/w risk? explain how s/w risk is being projected and managed?

Answer 1

isk management means risk containment and mitigation. First, you’ve got to identify and plan. Then be ready to act when a risk arises, drawing upon the experience and knowledge of the entire team to minimize the impact to the project. 

Risk management includes the following tasks:

Identify risks and their triggersClassify and prioritize all risksCraft a plan that links each risk to a mitigationMonitor for risk triggers during the projectImplement the mitigating action if any risk materializesCommunicate risk status throughout projectIdentify and Classify Risks

Most software engineering projects are inherently risky because of the variety potential problems that might arise. Experience from other software engineering projects can help managers classify risk. The importance here is not the elegance or range of classification, but rather to precisely identify and describe all of the real threats to project success. A simple but effective classification scheme is to arrange risks according to the areas of impact.

Answer 2

Software risk refers to the probability of experiencing a loss because of problems in software development. This loss could be due to various factors such as increase in cost of production, inability to complete the development process on time and poor quality of the software developed.

There are two ways software risk is projected:

Internal – This risk is within the scope of the project manager

External – This risk is beyond the scope of the project manager

Risk management helps in

*Identifying what kind of risk could possibly happen

*Lessening the problems associated with the risk

*Minimizing the chances of occurrence of risk

*Monitoring the risk periodically