Software Engineering I
Risk Management
Miguel Morales – Computer Science and Software Engineering Department
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• Understand and remember the definition of risk.
• Understand and explain the purpose of the risk management process and its
fundamental activities.
• Know how to identify and assess risks.
What can go wrong in a project?
• Each project is a mix of many variables, some of them are outside of our control and others are unknown until they just happen.
– Loss of key staff.
– Lack of experience.
– Poor decision making.
– Change of priorities.
– Work outside the scope.
– Budget cuts.
– Emergencies and natural disasters.
• Assume that everything can go wrong.
What can go wrong in a project?
• Well known and we have a degree of control over them. – For example, “the workload distribution”.
• Also known but outside of our control.
– For example, “the contribution of your teammate to the project”.
• Unknown until they just happen.
– We are in the middle of a global situation that was not planned or foreseen but it is affecting all
• These examples of situations that could influence our projects are called risks.
• Risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives [PMI].
• Risk management focuses on identifying and assessing the risks to the project and managing those risks to minimize their impact on the project.
Risk Management
• Risk management is defined as “the systematic application of management practices, policies, and procedures for identifying, analyzing, controlling and monitoring risk”.
• Commonly, risk management includes the following activities:
– Identify risks and their triggers
– Assess, classify and prioritize all risks
– Develop a plan that states a mitigation strategy to each risk
– Monitor for risks and risk triggers during the project
– Implement the mitigating action if any risk occurs
– Communicate risk status throughout team
Risk Management
• Identify what risks might have an impact on your project. – Root Cause Analysis
– Brainstorming
– Interviewing
– SWOT Analysis
Risk Management
• Risk management means risk containment and mitigation.
• The mitigation options include:
– Accept: acknowledge that a risk is impacting the project.
– Avoid: adjust project scope, cost or schedule to minimize the effects of the risk.
– Control: take action to minimize the impact or reduce the intensification of the risk.
– Transfer: implement an organizational shift in accountability, responsibility, or authority to other stakeholders that will accept the risk.
Risk Management
• A common approach for prioritizing risks is to consider two aspects:
– Severity is the amount of damage or harm a risk could create. How severe it will be. 1. Negligible
3. Critical
4. Catastrophic
– Probability is the likelihood of the risk occurring. How often it will occur? 1. Improbable
3. Occasional 4. Probable 5. Frequent
Risk Management
• In order to represent these two aspects, we can use a risk matrix.
– The risk assessment values are determined by multiplying the scores for the Probability and Severity values.
Risk Management
• Develop a plan that states a mitigation strategy to each risk.
• Monitor for risks and risk triggers during the project.
• Implement the mitigating action if any risk occurs.
• Communicate risk status throughout team frequently.
• Risk identification and management activities must remain active during the whole project.
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