Fire Risk Management

Risk management and control

Keywords: risk, risk management, risk assessment and risk control, risk identification, planning, risk management, risk resolution, risk monitoring

Abstract

All large-scale projects involve certain risks and it is true of software projects. Risk management is an emerging field that aims to solve the problem of identifying and managing risks associated with software projects.

The basic motivation of having risk management is to avoid disaster losses. The current interest in risk management is due to the fact that the history of software development projects is full of major and minor failures. A significant percentage of projects has run considerably over budget and behind schedule, and many of them have been abandoned midway. It is now argued that many of these failures are due to the fact that the risks were not identified and managed properly.

Risk management is an important area, particularly for large projects. Like any management activity, proper planning of this activity is essential for success.

Overview of Risk Management

Risk is defined as an exposure to the risk of injury or loss. That is, risk implies that there is a possibility that something negative may happen. In the context of software projects, negative implies that there is a negative effect on cost, quality, or timing. Risk management is the region trying to ensure that the impact of risks on cost, quality, and timing is minimal.

As configuration management that minimizes the impact of changes, risk management to minimize the impact of risks.

Risk management can be considered as dealing with the possibility and the actual presence of these events are not "regular" or commonly expected. Events commonly expected, such as people going on leave, the unavailability of resources or a requirement of change are addressed by the project management standard. So in a sense, the Risk Management begins where management ends normal project.

Most projects have risks. The idea of risk management is to minimize the possibility of risks materialize, if possible, or to minimize the effect of risk actually materialize.

It should be clear that risk management is faced with identifying the adverse events that may occur, the probability that they occur, and the loss if an adverse event occurs. Once this is known, strategies can be made either to reduce the probability of risk occurring or reduce the effect of the risk occurring (risk mitigation). Thus, risk management focuses on risk assessment and risk control.

Risk assessment

Risk assessment is an activity to be undertaken during the project planning. This involves identifying the risks, analyze, and prioritize them based on the analysis. The planning activity in the major risk management assessment and plan accordingly for risk control. Due to the nature of a software project, the uncertainties are closer to the beginning of the project. As the project nears its end, the risks can be evaluated more precisely. For this reason, although the risk assessment must be done throughout the project, it is most needed in the early stage of the project. In addition, early identification of risks provides management with a lot of time to effectively manage risk.

At a very high level, the risks of software can be divided into three categories:

• Cost of risk
• Performance risk
• Schedule Risk

Cost of risk is the uncertainty associated budgets and expenditure for the project and its impact on the project. Performance risk is the possibility.