Introduction

Risks are inherent in any project and should be managed as part of software project management. Proactive risk management is a rational approach and contributes to project success. This is because it involves identifying the risks before they become problems and planning how to mitigate, monitor, and manage them. However, most project managers have a reactive approach to risks. They do not identify the risks in advance and take necessary actions only when these risks become problems. This leads to crisis.

To plan and manage risks effectively, project managers need to understand the basic concepts related to risks and risk management.

Risk management should be done using an evolutionary and iterative paradigm because risks keep evolving and changing as projects progress.

Risk Management course includes:

• Risk Management in the Context of Software Project Management
• Basic Concepts Related to Risks
• The Risk Management Model
• Identifying Risks

This course has been co-authored by the internationally recognized consultant and authority on software engineering—Dr. Roger S. Pressman.

Course Benefits

This course will enable you to:

• Explain why risk management is important in software project management.
• Explain the basic concepts related to risks.
• Explain the risk management model.
• Identify risks using the generic risk checklist.

You receive a certificate of completion after successfully this course.

Content Brief

Risks are inherent in any project and should be managed as part of software project management. Proactive risk management is a rational approach and contributes to project success. This is because it involves identifying the risks before they become problems and planning how to mitigate, monitor, and manage them. However, most project managers have a reactive approach to risks. They do not identify the risks in advance and take necessary actions only when these risks become problems. This leads to crisis.

A risk has two characteristics—probability of occurrence of a risk event and the loss if it occurs. To plan for and manage the risks in a project, project managers need to understand the impact of risks on project success. Risk exposure is a measure of the expected value of risks, and is obtained as the product of the probability of occurrence of a risk event and the loss associated with it. It is used to compare risks and prioritize them. The risks can impact the four risk components—project cost, project schedule, product performance, product support.

Risk management should be done using an evolutionary and iterative model because risks keep evolving and changing as a project progresses. The steps of the risk management model are repeated cyclically and the plan is revised to accommodate new risks and changes in the characteristics of old risks.

Risks can be categorized according to the area of impact, the factors leading to risks, and the commonality of risks across projects. In a project, the risks are identified using the generic checklists. The risk categories used in generic checklists are the product size, the business impact, customer characteristics, the process definition, development tools, the technology to be built, and the staff size and experience. In addition, risks based on project characteristics should also be identified.

In some organizations, the data of the past projects of the organization is available and is used to identify the potential risks while planning for projects.