Short note on Risk Assessment and Risk Mitigation

Software Risk is a problem that may or may not occur that shows the uncertainty of risks but if occurs, unwanted losses threats, or consequences will occur. It is generally caused due to a lack of incomplete information, control, or time.

Risk Assessment and Risk Mitigation is a process in which identifying, assessing, and mitigating risk takes place to the scope, schedule, cost, and quality of the project. 

What is Risk Assessment? 

Risk assessment simply means to describe the overall process or method to identify risk and problem factors that might cause harm. It is a systematic examination of a task or project that you perform to simply identify significant risks, problems, and 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 to assess overall project risks. 

These questions are shown below: 

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

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

What is Risk Mitigation?

Risk mitigation simply means to reduce adverse effects and impact of risks that are harmful to project and Business continuity. It includes introducing measures and steps taken into a project plan to mitigate, reduce, eliminate, or control risk. Risk mitigation means preventing risks from occurring (risk avoidance). 
The following are measures and steps to be taken to mitigate risks: 

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

Risk management

• Maintain a worldwide perspective: view software risks within the context of a system and therefore the business drawback planned to solve.
• Take an advanced view: ink regarding the risk that can occur in the longer term and make plans for managing future events.
• Encourage open communication: Encourage all the stakeholders and users to suggest risks at any time.
• Integrate: A thought of risk should be integrated into the software process.
• Emphasize never-ending process: Modify the known risk that a lot of info is understood and add new risks as higher insight is achieved.
• Develop a shared product vision: If all the stakeholders share a similar vision of the software then it’s easier for better risk identification.
• Encourage teamwork: conducting risk management activities pool the skills and knowledge of all stakeholders.