Risk Management

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Risk management is the forcasting and evaulation of the risks that may be involved in the project as well as the action taken in order to reduce the risk or the impact.

Risk Examples that may be involved in a software project:

Estimating - There is a risk that estimations have been under or over predicated and so the project may run over schedual

Hard drive failure - this may result in a loss of data

Powercut

Illness

Effects of Risks

Increase Cost

Damage of company reputation

Decrease of quality

Injury (not likely in software)

Identify the Risk, the likelyhood of the risk occurring, the impact the risk will have on the project and what action (if any) is going to be taken to reduce the risk or the impact)

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