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Short note on Risk Assessment and Risk Mitigation
  • Last Updated : 29 Jun, 2020

Software Risk is actually a problem that may or may not occurs that shows uncertainty of risks but if occur, unwanted losses or threatening or consequences will occur. It is generally caused due to lack or incomplete information, control, or time. Risk Assessment and Risk Mitigation is a process in which identifying, assessing, and mitigation of risk take place to scope, schedule, cost, and quality on the project.

1. Risk Assessment :
Risk assessment simply means to describe overall process or method to identify risk and problem factors that might cause harm. It is actually a systematic examination of a task or project that you perform to simply identify significant risks, problems, hazards, and then to find out control measures that you will take to reduce risk. The best approach is to prepare a set of questions that can be answered by project managers in order to assess overall project risks.

These questions are shown below:

  • Will project get proper support from customer manager?
  • Are end-users committed to software that has been produced?
  • Is there a clear understanding of requirements?
  • Is there an active involvement of customer in requirement definition?
  • Is that expectations set for product are realistic?
  • Is project scope stable?
  • Are there team members with required skills?
  • Are project requirements stable?
  • Does technology used for software is known to developers?
  • Is size of team-sufficient to develop required product?
  • Is that all customers know importance of product/requirements of system to be built?

Thus, the number of negative answers to these questions represent severity of impact of risk on overall project. It is not about creating or making a large number of work papers, but rather to simply identify and find out measures to control risks in your workplace.

2. Risk Mitigation :
Risk mitigation simply means to reduce adverse effect and impact of risks that are harmful to project and Business continuity. It includes introducing measures and step taken into a project plan to mitigate, reduce, eliminate, or control risk. Risk mitigation means preventing risks to occur (risk avoidance).
Following are measures and steps to be taken for mitigating risks:

  • Communicate with concerned staff to find probable risk.
  • Identify and eliminate all those causes and issues that can create risk before beginning of project work.
  • Develop policy in an organization that will help to continue project even though some staff leaves organization.
  • Everybody in project team should be acquainted i.e. should be aware of and familiar with current development activity.
  • Maintain corresponding documents in a timely manner. This documentation should be strictly followed as per standards set by the organization.
  • Conduct timely reviews in order to speed up work.
  • For conducting every critical activity during software development, provide additional staff is required.

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