OBJECT ORIENTED SOFTWARE ENGINEERING TOPIC RISK MANAGEMENT Synopsis What is Risk management Project Risk Technical Risk Business Risk Risk Assessment Risk Avoidance Transfer Risk Risk Reduction What is Risk Risk management is the system of identifying addressing and eliminating these problems before they can damage the project Risk classified into 3 categories Project Risk Technical Risk Business Risk Project Risk Budget problem schedule personnel resource and customer related problems Schedule slippage is a important risk Since Software is intangible it is difficult to monitor and control a software project Technical Risk Potential Design implementation interfacing and maintenance problem Most Technical risk arise due to the development teams insufficient knowledge about the project or it is Harder to solve Business Risk The build Excellent product but that no one wants losing budgetary commitments even some categories may not work always as some risk are simply impossible predict Risk Assessment Finding out what risk is to the project risk and analysis is called risk assessment Different risk need different containments Strategies Risk Avoidance Transfer Risk Risk Reduction Risk Avoidance Risk can be Avoidance in several ways Risk often arise due to project constraints and can be avoided by suitably modifying the constraints The difference categories constraints that usually give rise to risks are process related risk these risks arise due to aggressive work schedule budget and resource utilisation Transfer Risk This strategy involves getting risky components developed by third party buying insurance cover Risk Reduction Every risk are based on some same elements so is we can find the problem then we would find it