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Principles of Risk Management and Paradigm

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  • Difficulty Level : Basic
  • Last Updated : 15 May, 2019
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Risk Management is an approach that helps in managing and make best use of the available resources. A computer code project may be laid low with an out sized sort of risk so as to be ready to consistently establish the necessary risks which could have an effect on a computer code project. It is necessary to reason risks into completely different categories. The project manager will then examine the risks from every category square measure relevant to the project.

Principles of Risk Management:
There are 5 principles of Risk Management. They are:

  1. Global Perspective:
    Larger system definitions, design and implementation is considered. The opportunity and the impact that the risk is going to have is looked. View software risks in the context of a system and the business problem planned to solve.

  2. Forward Looking View:
    Looking at the possible uncertainties that might dragged. Possible solutions of the risks that might occur in the future are considered. Think about the risk which may occur in the future and create future plans for managing the future events.

  3. Open Communication:
    This enables the free flow of the communication between the end users and the development team so that they can clarify the risks. Encourage all the stakeholders and users for suggesting risks at any time.

  4. Integrated Management:
    Risk management is made an integral part of the project management during this phase. A consideration of risk should be integrated into the software process.

  5. Continuous Process:
    Risks are tracked continuously throughout the risk management paradigm during this phase. Modify the identified risk than the more information is known and add new risks as better insight is achieved.

Risk Management Paradigm:

  1. Identify:
    Risks are identified before major problem is created. If the risks are identified before they create a major problem then there might not be more difficulty in controlling the risks.

  2. Analyze:
    Deep analysis of nature, behavior and type of risk and collect information about it. It is required for the purpose of the determination of the knowledge about the risk.

  3. Plan:
    Convert the plan into actions and implementation. This phase includes the actions and implementation of the planning that was done before. After the risk detection plans are made and executed.

  4. Track:
    Necessary actions are monitored. Necessary action means the required work for the removal and minimization of the risk detected.

  5. Control:
    Correct the deviation and make necessary changes. Put the right thing in the right place and the required field will changed according to the changes required.

  6. Communicate:
    Discussion about the current risks and the future risks and their management. Make a productive discussion between the developer and tester on the risks found in the software.
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