Risk simply represents the possibility of loss and injury. It is an event that might occur unexpectedly and cause an impact on our project. It can either have a positive or negative effect on the project. It can affect anything including people, processes, technology, and even resources. It simply focuses on determining identifying and assessing or evaluating risks to the project. It also manages these risks to generally reduce the impact on the project. In the context of the hierarchical software development model, we have got framework as shown below :
It is very simple, general, and comprehensive. It is a socio-technical model of risk that is been proposed by Lyytinen et al. Risk has been categorized into other ways as shown below :
- Actors: Project actors cover all people or stakeholders that are involved in development process and even can set forward claims to or benefit from the project. Therefore, all persons that are participating, even groups, and all other stakeholders along with customers, users, maintainers, and development groups are needed and essential to be included in this set. The risk in this area is that high staff turnover generally leads to information of value to the project that is being lost. Actors have many features that have an impact on project risks like knowledge and skills, experience, expectations and commitments, and even beliefs and values. All of these features simply vary from one actor to another.
- TechnologyTechnology available: The project technology generally contains or includes methods that are available, tools, and infrastructure to simply design a software system and then implement it. It is usually around both technology that is used to implement applications and that is further fixed firmly in the product being delivered. Example of such technology includes software development method, quality assurance systems, computers, etc. Here, the risk is generally related to the appropriateness of technologies and possible faults, this is present between them. All technological shortcomings and even the dynamic nature of technology are true sources of risk.
- Structure: This component generally helps in describing and explaining management structure of the software system. They also refer to systems of communication, authority, and workflow. Risks come to be known and revealed when actors do not communicate in an effective way or manner. Another reason can be that appropriate actors are involved in communication or when the scope of communication is often limited. The structure needs to be organized to provide and give adequate and reliable information or data. The risk profile simply changes when the workflow structure does not match with a given task.
- Task: A task is simply related to work that needs to be carried out. Every box is connected to all the remaining boxes. Everyone has to understand the project task. The task is simply performed about stakeholders or customer expectations that too within a given period and cost constraints. It is done to establish and implement a new software system just by changing essential components of a software system.
Risks in Software Development
- Cost risks: The financial components of software development are the subject of cost-related risks. This involves the possibility of budget overruns, going over the project’s originally estimated financial resources. It may also be increased by unexpected costs related to software tools, hardware, or human resources.
- Resource Risks: Human and technology resources are essential to the development of software. This area of risk includes difficulties with team member availability, skill levels, and turnover. Risks associated with resources may also result from problems with technology and equipment, such as software incompatibilities or hardware malfunctions.
- Legal and Compliance Risks: These risks are related to following the law and industry regulations. This category of risks includes breaking regulations, which may have legal repercussions. This area also includes intellectual property problems like infringement of copyright and patent infringement.
- Market Risks: These are hazards related to the outside world in which the project will function. Risks to the software’s success include shifting user preferences, competitive environments, and market trends. The key to reducing these risks is to keep an eye on and adjust to changes in the market.
- Environmental Risks: These include external factors that could affect software development. Economic downturns, turmoil in politics, and natural calamities are a few examples of these variables. Strategies for mitigating risk must consider the external environment.
- Project Management Risks: These risks are associated with the development project’s planning and implementation. This category of risks includes issues with project management procedures, inadequate planning, and an absence of backup plans. Throughout the development lifecycle, managing and reducing these risks requires effective project management.
- Communication Risks: The success of a project depends on effective communication. This area of risk includes miscommunication, which can result in errors and misunderstandings. Diverse teams may have communication difficulties due to cultural and language barriers, which should be properly controlled.
- Quality Risks: These risks are related to the software’s dependability and durability during development. This group includes problems like faults and bugs, insufficient testing, and end-users’ general happiness. Keeping software quality at an elevated level is critical to any development project’s success.
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