Software Risk:-

Risk is an expectation of loss, a potential problem that may or may not occur in the future. It is generally caused due to lack of information, control or time.A possibility of suffering from loss in software development process is called a software risk. Loss can be anything, increase in production cost, development of poor quality software, not being able to complete the project on time. Software risk exists because the future is uncertain and there are many known and unknown things that cannot be incorporated in the project plan.

A software risk can be of two types:-

(1) internal risks that are within the control of the project manager.

(2) external risks that are beyond the control of project manager.

Risk management is carried out to:

Identify the risk

Reduce the impact of risk

Reduce the probability or likelihood of risk

RMMM:-

a) Mitigation:-

i. General strategy

1. Carefully watch and maintain all factors that influence the risk.

2. Remove extra methods that make the project look nice but are not essential, to recover some lost time.

3. Ensure documentations is maintained up to date the length of the project.

4. Maintain a good lines of communication with the customer and pass along any time concerns.

5. Maintain backup procedures.

6. Remain diligent in peer reviews and other quality issues to prevent further break downs.

ii. Specific steps to mitigate the risk

1. Remove Staff limitation as an input variable and associated methods.

2. Remove teacher request as an input variable and associated methods.

3. Remove elective request as an input variable and associated methods.

4. Communicate with the customer your time concerns.

b) Monitoring:-

Risk monitoring is the process which tracks and evaluates the levels of risk in an organisation. As well as monitoring the risk itself, the discipline tracks and evaluates the effectiveness of risk management strategies. The findings which are produced by risk monitoring processes can be used to help to create new strategies and update older strategies which may have proved to be ineffective.

What are the different types of Risk monitoring?

Voluntary – these risk monitoring strategies are not required by law, but are carried out by companies to help them to learn from events which have occurred in the past.

Obligatory – These risk monitoring strategies are required by law for some organisations, to ensure that proper risk monitoring and management methods are used.

Reassessment – Secondary or tertiary assessments of risk and risk management strategies.

Continual – Monitoring which is always ongoing.

i. Factors to be monitored

1. Lines of code as methods are written

2. Function point complexity values

ii. Monitoring approach

1. Teamwork, peer reviews, and communication comes first.

c) Risk Management:-

Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters. IT security threats and data-related risks, and the risk management strategies to alleviate them, have become a top priority for digitized companies.

As a result, a risk management plan increasingly includes companies' processes for identifying and controlling threats to its digital assets, including proprietary corporate data, a customer's personally identifiable information and intellectual property.

Risk Management Process:-

The process should create value for the organization.

It should be an integral part of the overall organizational process.

It should factor into the company's overall decision-making process.

It must explicitly address any uncertainty.

It should be systematic and structured.

It should be based on the best available information.

It should be tailored to the project.

It must take into account human factors, including potential errors.

It should be transparent and all-inclusive.

It should be adaptable to change.