Risk management involves identifying potential problems, assessing their likelihood and impacts, and developing strategies to address them. There are two main risk strategies - reactive, which addresses risks after issues arise, and proactive, which plans ahead. Key steps in proactive risk management include identifying risks through checklists, estimating their probability and impacts, developing mitigation plans, monitoring risks and mitigation effectiveness, and adjusting plans as needed. Common risk categories include project risks, technical risks, and business risks.
This document defines risk and risk management strategies for software projects. It discusses reactive versus proactive risk strategies, with proactive being preferred. It describes approaches to categorizing, identifying, and assessing risks. Key aspects of risk management covered include developing a risk table, estimating probability and impact, and creating plans to mitigate, monitor, and manage risks. The overall goal is to identify risks early and take steps to avoid or minimize their impact on the project.
The document discusses different software engineering process models including:
1. The waterfall model which is a linear sequential model where each phase must be completed before moving to the next.
2. Prototyping models which allow requirements to be refined through building prototypes.
3. RAD (Rapid Application Development) which emphasizes short development cycles through reuse and code generation.
4. Incremental models which deliver functionality in increments with early increments focusing on high priority requirements.
5. The spiral model which has multiple iterations of planning, risk analysis, engineering and evaluation phases.
This document discusses 15 factors that influence quality and productivity in software development processes: individual ability, team communication, product complexity, appropriate notations, systematic approaches, change control, level of technology, level of reliability, problem understanding, available time, required skills, facilities and resources, adequacy of training, management skills, and appropriate goals. Each factor is described in 1-3 paragraphs on how it can impact quality and productivity.
RMMM-Risk Management,Mitigation and Monitoring.Aparna Nayak
This document outlines a risk management, monitoring, and mitigation (RMMM) plan involving 3 key steps: risk avoidance, risk monitoring, and risk management and planning. It discusses monitoring factors like staff turnover that could impact costs and schedules. The plan includes developing strategies to reduce risks, monitoring risks, and having backups if risks are not mitigated. A Risk Information Sheet is used to document all risk analysis work and contains details about identified risks, mitigation plans, current status, and responsibilities.
The document discusses staffing level estimation over the course of a software development project. It describes how the number of personnel needed varies at different stages: a small group is needed for planning and analysis, a larger group for architectural design, and the largest number for implementation and system testing. It also references models like the Rayleigh curve and Putnam's interpretation that estimate personnel levels over time. Tables show estimates for the distribution of effort, schedule, and personnel across activities for different project sizes. The key idea is that staffing requirements fluctuate throughout the software life cycle, with peaks during implementation and testing phases.
Software Project Management: Risk ManagementMinhas Kamal
Software Project Management: ResearchColab- Risk Management (Document-7)
Presented in 4th year of Bachelor of Science in Software Engineering (BSSE) course at Institute of Information Technology, University of Dhaka (IIT, DU).
This lecture provides short and comprehensive view of software project and risk management. It has basic examples and calculations which is main concern of software project manager. This lecture helps to understand basics of risk management.
This document defines risk and risk management strategies for software projects. It discusses reactive versus proactive risk strategies, with proactive being preferred. It describes approaches to categorizing, identifying, and assessing risks. Key aspects of risk management covered include developing a risk table, estimating probability and impact, and creating plans to mitigate, monitor, and manage risks. The overall goal is to identify risks early and take steps to avoid or minimize their impact on the project.
The document discusses different software engineering process models including:
1. The waterfall model which is a linear sequential model where each phase must be completed before moving to the next.
2. Prototyping models which allow requirements to be refined through building prototypes.
3. RAD (Rapid Application Development) which emphasizes short development cycles through reuse and code generation.
4. Incremental models which deliver functionality in increments with early increments focusing on high priority requirements.
5. The spiral model which has multiple iterations of planning, risk analysis, engineering and evaluation phases.
This document discusses 15 factors that influence quality and productivity in software development processes: individual ability, team communication, product complexity, appropriate notations, systematic approaches, change control, level of technology, level of reliability, problem understanding, available time, required skills, facilities and resources, adequacy of training, management skills, and appropriate goals. Each factor is described in 1-3 paragraphs on how it can impact quality and productivity.
RMMM-Risk Management,Mitigation and Monitoring.Aparna Nayak
This document outlines a risk management, monitoring, and mitigation (RMMM) plan involving 3 key steps: risk avoidance, risk monitoring, and risk management and planning. It discusses monitoring factors like staff turnover that could impact costs and schedules. The plan includes developing strategies to reduce risks, monitoring risks, and having backups if risks are not mitigated. A Risk Information Sheet is used to document all risk analysis work and contains details about identified risks, mitigation plans, current status, and responsibilities.
The document discusses staffing level estimation over the course of a software development project. It describes how the number of personnel needed varies at different stages: a small group is needed for planning and analysis, a larger group for architectural design, and the largest number for implementation and system testing. It also references models like the Rayleigh curve and Putnam's interpretation that estimate personnel levels over time. Tables show estimates for the distribution of effort, schedule, and personnel across activities for different project sizes. The key idea is that staffing requirements fluctuate throughout the software life cycle, with peaks during implementation and testing phases.
Software Project Management: Risk ManagementMinhas Kamal
Software Project Management: ResearchColab- Risk Management (Document-7)
Presented in 4th year of Bachelor of Science in Software Engineering (BSSE) course at Institute of Information Technology, University of Dhaka (IIT, DU).
This lecture provides short and comprehensive view of software project and risk management. It has basic examples and calculations which is main concern of software project manager. This lecture helps to understand basics of risk management.
This document discusses several techniques for estimating software costs: expert judgement, pricing to win, estimation by analogy, bottom-up, top-down, and algorithmic cost modeling. Expert judgement involves consulting experts and iterating until agreement. Pricing to win bases the estimate only on the customer's budget. Estimation by analogy compares a new project to similar past projects. Bottom-up and top-down respectively estimate from components or overall functionality. Algorithmic cost modeling uses mathematical equations based on historical data.
This document discusses project scheduling for software engineering projects. It covers key topics such as:
- The importance of scheduling for establishing a roadmap and tracking progress on large, complex software projects.
- Basic principles of software project scheduling including compartmentalizing work, indicating interdependencies, allocating time and resources, and assigning responsibilities.
- Methods for defining tasks, networks, and timelines to plan and track schedules.
- Techniques for monitoring schedule performance such as status meetings, milestone tracking, and earned value analysis.
- Factors that influence schedules such as risks, changing requirements, estimates, and technical difficulties.
The document discusses project planning in software engineering. It defines project planning and its importance. It describes the project manager's responsibilities which include project planning, reporting, risk management, and people management. It discusses challenges in software project planning. The RUP process for project planning is then outlined which involves creating artifacts like the business case and software development plan. Risk management is also a key part of project planning.
The document discusses risk analysis and management for software projects. It defines risks as potential problems that could affect project completion. The goal of risk analysis is to help teams understand and manage uncertainty. Key aspects covered include identifying risks, assessing probability and impact, prioritizing risks, developing risk mitigation plans, and monitoring risks during the project. The document provides examples of risk categories, analysis steps, and strategies for proactive versus reactive risk management.
Risk Mitigation, Monitoring and Management Plan (RMMM)Navjyotsinh Jadeja
Software Risk is an expectation of loss, a potential problem that may or may not occur in the future. It is generally caused due to lack of information, control or time.
RISK – Possible loss or problem (Specifically in S/W development process)
MITIGATION – Efforts or Process to overcome the Risks or reduce the impact. (Comes after Avoidance Scenario)
MONITORING – Check to ensure effective execution (Observation)
MANAGEMENT – The subtle are of dealing with the risk and keep moving forward
Risk management in software engineeringdeep sharma
The document discusses risk management in software engineering. It defines risk as a potential problem that may or may not occur, causing negative impacts. It categorizes risks as project risks, technical risks, and business risks. It outlines the risk management paradigm of identifying, analyzing, planning, tracking, controlling, and communicating risks. It also discusses establishing a risk mitigation, monitoring and management plan to document the risk analysis work. The key is to identify risks early, evaluate and prioritize them, then develop and implement risk mitigation plans.
Risks are potential problems that might affect the successful completion of a software project. Risks involve uncertainty and potential losses. Risk analysis and management are intended to help a software team understand and manage uncertainty during the development process. The important thing is to remember that things can go wrong and to make plans to minimize their impact when they do. The work product is called a Risk Mitigation, Monitoring, and Management Plan (RMMM).
Evolutionary models are iterative and incremental software development approaches that combine iterative and incremental processes. There are two main types: prototyping and spiral models. The prototyping model develops prototypes that are tested and refined based on customer feedback until requirements are met, while the spiral model proceeds through multiple loops or phases of planning, risk analysis, engineering, and evaluation. Both approaches allow requirements to evolve through development and support risk handling.
What is Software project management?? , What is a Project?, What is a Product?, What is Project Management?, What is Software Project Life Cycle?, What is a Product Life Cycle?, Software Project, Software Triple Constraints, Software Project Manager, Project Planning,
Estimation determines the resources needed to build a system and involves estimating the software size, effort, time, and cost. It is based on past data, documents, assumptions, and risks. The main steps are estimating the software size, effort, time, and cost. Software size can be estimated in lines of code or function points. Effort estimation calculates person-hours or months based on software size using formulas like COCOMO-II. Cost estimation considers additional factors like hardware, tools, personnel skills, and travel. Techniques for estimation include decomposition and empirical models like Putnam and COCOMO, which relate size to time and effort.
Introduction to Software Project ManagementReetesh Gupta
This document provides an introduction to software project management. It defines what a project and software project management are, and discusses the key characteristics and phases of projects. Software project management aims to deliver software on time, within budget and meeting requirements. It also discusses challenges that can occur in software projects related to people, processes, products and technology. Effective project management focuses on planning, organizing, monitoring and controlling the project work.
what is COCOMO Model in software project management
COCOMO Model in software project management defined
COCOMO Model in software project management
what is cocomo model
cocomo model and its application
This document discusses different process models used in software development. It describes the key phases and characteristics of several common process models including waterfall, prototyping, V-model, incremental, iterative, spiral and agile development models. The waterfall model involves sequential phases from requirements to maintenance without iteration. Prototyping allows for user feedback earlier. The V-model adds verification and validation phases. Incremental and iterative models divide the work into smaller chunks to allow for iteration and user feedback throughout development.
This document discusses software risk management. It defines risk as any unfavorable event that could hamper a project's completion and risk management as reducing the impact of risks. The importance of software risk management is outlined, noting it addresses complex systems, focuses on critical risks, and can reduce costs through less rework. Risk assessment involves rating risks based on their likelihood and severity to determine priority. Risk identification involves categorizing risks into project, technical, and business risks. Risk containment strategies include avoiding, transferring, and reducing risks. Methodologies discussed include software risk evaluation, continuous risk management, and team risk management.
This document discusses several software cost estimation techniques:
1. Top-down and bottom-up approaches - Top-down estimates system-level costs while bottom-up estimates costs of each module and combines them.
2. Expert judgment - Widely used technique where experts estimate costs based on past similar projects. It utilizes experience but can be biased.
3. Delphi estimation - Estimators anonymously provide estimates in rounds to reach consensus without group dynamics influencing individuals.
4. Work breakdown structure - Hierarchical breakdown of either the product components or work activities to aid bottom-up estimation.
The document describes the waterfall model of software development. It begins by listing the presenters and defining sequential and incremental software development models. It then discusses the waterfall model in more detail, describing it as a linear sequential process where each phase must be completed before the next begins. The document outlines the history, use cases, diagram, phases and advantages/disadvantages of the waterfall model.
The document discusses the origins and drivers of software engineering as a discipline. It arose in response to frequent software project failures in the late 1960s, termed the "software crisis". Key points:
- Software engineering aims to apply systematic and quantifiable principles to software development and maintenance to improve quality, productivity and job satisfaction.
- It draws on computer science, management science, economics and other fields. Processes and models help manage complex software projects.
- Early process models included waterfall and prototyping. Later agile models like spiral emphasize iterative development and risk management over rigid phases.
Resource Allocation In Software Project ManagementSyed Hassan Ali
Resource Allocation In Software Project Management
what is Resource Allocation In Software Project Management
define Resource Allocation In Software Project Management
how to allocate resource in software project management
This document discusses software metrics and measurement. It describes how measurement can be used throughout the software development process to assist with estimation, quality control, productivity assessment, and project control. It defines key terms like measures, metrics, and indicators and explains how they provide insight into the software process and product. The document also discusses using metrics to evaluate and improve the software process as well as track project status, risks, and quality. Finally, it covers different types of metrics like size-oriented, function-oriented, and quality metrics.
Risk management involves identifying potential risks, assessing their probability and impact, prioritizing risks, developing strategies to mitigate high-priority risks, and continuously monitoring risks throughout the project. There are different categories of risk including project risks, technical risks, business risks, known risks, and unpredictable risks. Effective risk management requires proactively identifying risks, tracking them over time, taking steps to reduce impact or likelihood, and open communication across teams.
The document discusses risk management and provides details on risk identification, projection (estimation), and mitigation. It defines risk and outlines two key characteristics - uncertainty and loss. Risks are categorized by project, technical, and business types. Steps for risk management include identifying possible risks, analyzing each risk's probability and impact, ranking risks, and developing contingency plans for high probability/impact risks.
This document discusses several techniques for estimating software costs: expert judgement, pricing to win, estimation by analogy, bottom-up, top-down, and algorithmic cost modeling. Expert judgement involves consulting experts and iterating until agreement. Pricing to win bases the estimate only on the customer's budget. Estimation by analogy compares a new project to similar past projects. Bottom-up and top-down respectively estimate from components or overall functionality. Algorithmic cost modeling uses mathematical equations based on historical data.
This document discusses project scheduling for software engineering projects. It covers key topics such as:
- The importance of scheduling for establishing a roadmap and tracking progress on large, complex software projects.
- Basic principles of software project scheduling including compartmentalizing work, indicating interdependencies, allocating time and resources, and assigning responsibilities.
- Methods for defining tasks, networks, and timelines to plan and track schedules.
- Techniques for monitoring schedule performance such as status meetings, milestone tracking, and earned value analysis.
- Factors that influence schedules such as risks, changing requirements, estimates, and technical difficulties.
The document discusses project planning in software engineering. It defines project planning and its importance. It describes the project manager's responsibilities which include project planning, reporting, risk management, and people management. It discusses challenges in software project planning. The RUP process for project planning is then outlined which involves creating artifacts like the business case and software development plan. Risk management is also a key part of project planning.
The document discusses risk analysis and management for software projects. It defines risks as potential problems that could affect project completion. The goal of risk analysis is to help teams understand and manage uncertainty. Key aspects covered include identifying risks, assessing probability and impact, prioritizing risks, developing risk mitigation plans, and monitoring risks during the project. The document provides examples of risk categories, analysis steps, and strategies for proactive versus reactive risk management.
Risk Mitigation, Monitoring and Management Plan (RMMM)Navjyotsinh Jadeja
Software Risk is an expectation of loss, a potential problem that may or may not occur in the future. It is generally caused due to lack of information, control or time.
RISK – Possible loss or problem (Specifically in S/W development process)
MITIGATION – Efforts or Process to overcome the Risks or reduce the impact. (Comes after Avoidance Scenario)
MONITORING – Check to ensure effective execution (Observation)
MANAGEMENT – The subtle are of dealing with the risk and keep moving forward
Risk management in software engineeringdeep sharma
The document discusses risk management in software engineering. It defines risk as a potential problem that may or may not occur, causing negative impacts. It categorizes risks as project risks, technical risks, and business risks. It outlines the risk management paradigm of identifying, analyzing, planning, tracking, controlling, and communicating risks. It also discusses establishing a risk mitigation, monitoring and management plan to document the risk analysis work. The key is to identify risks early, evaluate and prioritize them, then develop and implement risk mitigation plans.
Risks are potential problems that might affect the successful completion of a software project. Risks involve uncertainty and potential losses. Risk analysis and management are intended to help a software team understand and manage uncertainty during the development process. The important thing is to remember that things can go wrong and to make plans to minimize their impact when they do. The work product is called a Risk Mitigation, Monitoring, and Management Plan (RMMM).
Evolutionary models are iterative and incremental software development approaches that combine iterative and incremental processes. There are two main types: prototyping and spiral models. The prototyping model develops prototypes that are tested and refined based on customer feedback until requirements are met, while the spiral model proceeds through multiple loops or phases of planning, risk analysis, engineering, and evaluation. Both approaches allow requirements to evolve through development and support risk handling.
What is Software project management?? , What is a Project?, What is a Product?, What is Project Management?, What is Software Project Life Cycle?, What is a Product Life Cycle?, Software Project, Software Triple Constraints, Software Project Manager, Project Planning,
Estimation determines the resources needed to build a system and involves estimating the software size, effort, time, and cost. It is based on past data, documents, assumptions, and risks. The main steps are estimating the software size, effort, time, and cost. Software size can be estimated in lines of code or function points. Effort estimation calculates person-hours or months based on software size using formulas like COCOMO-II. Cost estimation considers additional factors like hardware, tools, personnel skills, and travel. Techniques for estimation include decomposition and empirical models like Putnam and COCOMO, which relate size to time and effort.
Introduction to Software Project ManagementReetesh Gupta
This document provides an introduction to software project management. It defines what a project and software project management are, and discusses the key characteristics and phases of projects. Software project management aims to deliver software on time, within budget and meeting requirements. It also discusses challenges that can occur in software projects related to people, processes, products and technology. Effective project management focuses on planning, organizing, monitoring and controlling the project work.
what is COCOMO Model in software project management
COCOMO Model in software project management defined
COCOMO Model in software project management
what is cocomo model
cocomo model and its application
This document discusses different process models used in software development. It describes the key phases and characteristics of several common process models including waterfall, prototyping, V-model, incremental, iterative, spiral and agile development models. The waterfall model involves sequential phases from requirements to maintenance without iteration. Prototyping allows for user feedback earlier. The V-model adds verification and validation phases. Incremental and iterative models divide the work into smaller chunks to allow for iteration and user feedback throughout development.
This document discusses software risk management. It defines risk as any unfavorable event that could hamper a project's completion and risk management as reducing the impact of risks. The importance of software risk management is outlined, noting it addresses complex systems, focuses on critical risks, and can reduce costs through less rework. Risk assessment involves rating risks based on their likelihood and severity to determine priority. Risk identification involves categorizing risks into project, technical, and business risks. Risk containment strategies include avoiding, transferring, and reducing risks. Methodologies discussed include software risk evaluation, continuous risk management, and team risk management.
This document discusses several software cost estimation techniques:
1. Top-down and bottom-up approaches - Top-down estimates system-level costs while bottom-up estimates costs of each module and combines them.
2. Expert judgment - Widely used technique where experts estimate costs based on past similar projects. It utilizes experience but can be biased.
3. Delphi estimation - Estimators anonymously provide estimates in rounds to reach consensus without group dynamics influencing individuals.
4. Work breakdown structure - Hierarchical breakdown of either the product components or work activities to aid bottom-up estimation.
The document describes the waterfall model of software development. It begins by listing the presenters and defining sequential and incremental software development models. It then discusses the waterfall model in more detail, describing it as a linear sequential process where each phase must be completed before the next begins. The document outlines the history, use cases, diagram, phases and advantages/disadvantages of the waterfall model.
The document discusses the origins and drivers of software engineering as a discipline. It arose in response to frequent software project failures in the late 1960s, termed the "software crisis". Key points:
- Software engineering aims to apply systematic and quantifiable principles to software development and maintenance to improve quality, productivity and job satisfaction.
- It draws on computer science, management science, economics and other fields. Processes and models help manage complex software projects.
- Early process models included waterfall and prototyping. Later agile models like spiral emphasize iterative development and risk management over rigid phases.
Resource Allocation In Software Project ManagementSyed Hassan Ali
Resource Allocation In Software Project Management
what is Resource Allocation In Software Project Management
define Resource Allocation In Software Project Management
how to allocate resource in software project management
This document discusses software metrics and measurement. It describes how measurement can be used throughout the software development process to assist with estimation, quality control, productivity assessment, and project control. It defines key terms like measures, metrics, and indicators and explains how they provide insight into the software process and product. The document also discusses using metrics to evaluate and improve the software process as well as track project status, risks, and quality. Finally, it covers different types of metrics like size-oriented, function-oriented, and quality metrics.
Risk management involves identifying potential risks, assessing their probability and impact, prioritizing risks, developing strategies to mitigate high-priority risks, and continuously monitoring risks throughout the project. There are different categories of risk including project risks, technical risks, business risks, known risks, and unpredictable risks. Effective risk management requires proactively identifying risks, tracking them over time, taking steps to reduce impact or likelihood, and open communication across teams.
The document discusses risk management and provides details on risk identification, projection (estimation), and mitigation. It defines risk and outlines two key characteristics - uncertainty and loss. Risks are categorized by project, technical, and business types. Steps for risk management include identifying possible risks, analyzing each risk's probability and impact, ranking risks, and developing contingency plans for high probability/impact risks.
The document discusses risk management for software projects. It covers identifying risks through checklists and questionnaires, projecting risks by estimating probability and impact, and developing a risk mitigation, monitoring and management plan. The plan involves strategies to avoid known risks where possible and control unavoidable risks through contingency planning. Effective risk management requires taking a proactive approach to anticipate and manage risks.
A Risk Analysis and Management in Software Engineering MuhammadTalha436
The document discusses different approaches to risk management for software projects. Reactive risk management involves reacting to risks as they occur, often in crisis mode, while proactive risk management identifies risks early and plans contingencies. It identifies different types of risks like project risks that threaten schedules, technical risks that impact quality, and business risks that endanger feasibility. Known and predictable risks can be uncovered through evaluation, while unpredictable risks are difficult to foresee.
Kumar Bishwakarma gave a presentation on the basics of risk management. He discussed (1) reactive and proactive risk handling strategies, with reactive focusing on problems after they occur and proactive identifying risks in advance. He also covered (2) software risks like project, technical, business, known, predictable and unpredictable risks. Finally, he explained the process of (3) risk identification, projection, assessment, refinement, and developing a risk management, mitigation, monitoring and management plan to address risks throughout a project.
This document provides an overview of project risk management. It discusses the goals of risk management, including identifying and planning for risks to help projects succeed. The key aspects covered are identifying risks, analyzing their probability and impact, planning responses, and continuously monitoring risks. Qualitative and quantitative approaches to analysis are outlined. The overall process aims to move projects from reactive "firefighting" to proactive risk-based decision making.
This document provides an overview of project risk management. It discusses what project risk is, the risk management process, and tools for risk identification, analysis, response planning, monitoring and control. The risk management process involves planning risk management, identifying risks, analyzing their probability and impact, developing response plans, monitoring risks throughout the project, and using tools like risk logs and templates. Managing risks proactively helps improve project success rates.
This document provides an overview of project risk management. It discusses the goals of risk management, including identifying and planning for risks to help projects succeed. The key aspects covered are identifying risks, analyzing their probability and impact, planning responses, and continuously monitoring risks. Qualitative and quantitative approaches to analysis are outlined. The overall process aims to move projects from reactive "firefighting" to proactive risk-based decision making.
This document discusses risk analysis and management for projects. It defines risk as a potential problem that may or may not occur, and outlines why identifying and planning for risks is important for project success. The document then covers various aspects of risk analysis and management, including risk strategies, categories, identification, assessment, refinement, and developing plans to mitigate, monitor, and manage risks. The overall aim is to help project teams understand risks and put processes in place to avoid or minimize risks that could negatively impact a project.
This document discusses risk management for engineering projects. It defines risk as potential problems that could impact a project's budget, timeline or deliverables. The risk management process involves identifying risks, analyzing their likelihood and impact, planning strategies to avoid or minimize risks, and monitoring risks throughout the project. Common risk types are technology, people, organizational, tools and requirements risks. Risk analysis assesses the probability and consequences of each risk. Risk planning develops avoidance, minimization and contingency strategies. Risk monitoring tracks risks and determines if their likelihood or impact changes over time.
This document discusses risk management in software projects. It covers identifying risks through checklists and questionnaires, estimating the probability and impact of risks, and developing contingency plans. Key aspects include identifying risks proactively, analyzing each risk's likelihood and consequences, prioritizing high probability/high impact risks, and monitoring risks and triggers to mitigate potential issues. The overall goal is to anticipate problems before they occur and control risks in order to reduce disruption and keep projects on track.
This document provides an overview of project risk management. It defines project risk as an event that could have a positive or negative impact on a project. Risk management involves identifying risks and developing plans to minimize their effects. The key steps in risk management are risk identification, analysis, response planning, monitoring and control. Managing risks helps improve project success rates, schedule and cost performance by moving from reactive to proactive decision making.
The document discusses risk management in software projects. It describes methods for identifying risks such as using a risk checklist of common risks. It also provides questions to assess overall project risk and discusses estimating the likelihood and impact of risks. Risks are documented in a risk table including categories, probability, impact, and mitigation plans. Developing strategies to avoid, monitor, and manage risks is key to risk management.
Risk-based software planning involves identifying potential risks that could negatively impact a project's completion or quality. Risks can arise from many categories including mission/goals, customers, budget/costs, schedule, development processes, environments, and teams. Risks are classified as known, predictable, or unpredictable. They can be identified through risk surveys, flowcharting processes, and looking for bottlenecks. Risk management is an ongoing process of assessing, monitoring, identifying, analyzing, prioritizing, planning for, resolving, and monitoring risks. Tools for risk management include fault trees, risk matrices, and Boehm's risk model. Software complexity increases both technical and non-technical risks.
Risk management is important for software projects to identify risks that could impact cost, schedule or quality and put mitigation plans in place. The key steps in risk management are risk identification, analysis, planning, monitoring. Risks can be project risks, product risks, technical risks or business risks. It's important to identify both known/predictable risks as well as unpredictable risks. The goal of risk management is to anticipate issues and have contingency plans to minimize negative impacts.
The document discusses risk analysis and management for software projects. It defines risks as potential problems that could affect project completion. The goal of risk analysis is to help teams understand and manage uncertainty. Key steps include identifying risks, estimating their probability and impact, prioritizing the most important risks, and developing a Risk Mitigation, Monitoring, and Management Plan to avoid, minimize, or prepare for the risks. The document provides examples of risk categories and checklists to help identify project, technical, and business risks.
The document discusses software engineering risk management strategies. It describes proactive and reactive risk strategies, where proactive strategies begin before work starts to identify potential risks, while reactive strategies monitor an ongoing project. Key risks include project risks impacting budget, schedule, and resources, technical risks impacting quality and timeliness, and business risks impacting viability. Common business risks involve building something no one wants, a product no longer fitting strategy, sales not understanding the product, losing management support, and losing budget/staff commitment. Risk management aims to specify threats and focuses on known and predictable risks through risk identification techniques.
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INTRODUCTION
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Forensic Auditing Practice and Engagement Best Practice
Being a Paper Presented at the 6th Direct Membership Training of the Certified Institute of Forensics and Certified Fraud Investigations of Nigeria (CIFCFIN) on Monday, 25th of March, 2024.
2. RISK?
Risk is a potential problem-it might happen,
it might not.
Risk concerns future happenings.
Risk involves change.
Risk involves choice and the uncertainty that
choice entails itself.
We can not eliminate the risk properly ,but
we can try to minimize it.
3. Risk management:
Risk analysis and management are actions
that help a software team to understand and
manage uncertainty.
Many problems can plague a software
project. Regardless of outcome, it’s a really
good idea to identify the risk, asses its
probability of occurrence and estimate its
impact.
5. Reactive risk strategyReactive risk strategy
Monitors the project for likely risks.Monitors the project for likely risks.
Resources are set aside to deal with risks when they becomeResources are set aside to deal with risks when they become
actual problem.actual problem.
Software team does nothing about risks until something goesSoftware team does nothing about risks until something goes
wrong .Then ,the team attempts to correct the problem ,this iswrong .Then ,the team attempts to correct the problem ,this is
often called a fire fighting mode.often called a fire fighting mode.
When team fails to solve the problem ,”Crisis management “When team fails to solve the problem ,”Crisis management “
takes over and the project is in real jeopardy.takes over and the project is in real jeopardy.
6. Proactive risk strategy:Proactive risk strategy:
Better than reactive risk strategy.Better than reactive risk strategy.
Begins long before technical work is initiated.Begins long before technical work is initiated.
Potential risks are identified, their probability and impacts arePotential risks are identified, their probability and impacts are
assessed and ranked by importance.assessed and ranked by importance.
Software team establishes a plan for managing risks.Software team establishes a plan for managing risks.
As all the risks can not be avoided, the team works to develop aAs all the risks can not be avoided, the team works to develop a
contingency plan that will enable it to respond in a controlledcontingency plan that will enable it to respond in a controlled
and effective manner.and effective manner.
7. Software Risks:
Risk always involves :Risk always involves :
UncertaintyUncertainty-the risk may or may not
happen.
LossLoss-if the risk become reality,
unwanted consequences and losses will
occur.
When risks are analyzed ,it isWhen risks are analyzed ,it is
important to quantify the level ofimportant to quantify the level of
uncertainty and the degree ofuncertainty and the degree of
loss associated.loss associated.
PROBABILITYPROBABILITY
IMPACTSIMPACTS
COMPONENTSCOMPONENTS
TYPESTYPES
RISKRISK
8. Types of RisksTypes of Risks
Project riskProject risk
Technical riskTechnical risk
Business riskBusiness risk
Known risksKnown risks
Predictable risksPredictable risks
Unpredictable riskUnpredictable risk
9. Project risks:
Threaten the project plan.Threaten the project plan.
If the risks become real, it is likely that the project schedule willIf the risks become real, it is likely that the project schedule will
slip and the costs will increase.slip and the costs will increase.
Risk factors:Risk factors:
Potential budgetaryPotential budgetary
Schedule personnelSchedule personnel
ResourceResource
StakeholdersStakeholders
Project complexity and sizeProject complexity and size
Degree of structural uncertainty.Degree of structural uncertainty.
10. Technical risks
Threaten the quality and timeliness of of the software to be produced.
If a technical risk become a reality ,implementation may become
difficult and impossible.
Technical risks occur when the problem is harder to solve than you
thought it would be.
Risk factors:
Potential design and implementationPotential design and implementation
InterfaceInterface
VerificationVerification
Maintenance problemsMaintenance problems
Specification ambiguitySpecification ambiguity
Technical uncertaintyTechnical uncertainty
11. Business risks
Threaten the viability of the software to be built and often
jeopardize the project or product.
Top five business risks are:
1. Market risk :building an excellent product or system that no one
really wants.
2. Strategic risk :building a product that no longer fits into the
overall business strategy for the company.
3. Sales risk :building a product that the sales force doesn’t
understand how to sell.
4. Management risk :losing the support of senior management
due to change in focus or a change in people.
5. Budget risk :losing budgetary or personnel commitment.
12. Known risksKnown risks
Those that can be uncovered after careful evaluation ofThose that can be uncovered after careful evaluation of
the project plan, the business and technical environmentthe project plan, the business and technical environment
in which the project is being developed ,and otherin which the project is being developed ,and other
reliable information source.reliable information source.
e.g. unrealistic delivery date ,lack of documentede.g. unrealistic delivery date ,lack of documented
requirements ,poor development environment.requirements ,poor development environment.
13. Predictable risks:Predictable risks:
Risks that ere extrapolated from past project
experience.
e.g. staff turnover ,poor communication with the
customer ,dilution of staff effort as ongoing
maintenance requests are serviced.
Unpredictable risks:Unpredictable risks:
Risks that are extremely difficult to identify in
advance (joker in the desk).
14. Risk Identification
Systematic attempt to specify threats to the project plan.
Predictable and known risks can be avoided and controlled possibly by
identification.
There are two types of risks for each categorized risk:
Generic risksGeneric risks : potential threat to every software project.
Product-specific risksProduct-specific risks : can be identified by those with a
clear understanding of
technology ,the people and the
environment specific for building
the project.
15. Cont..
One method for identifying risks is to create a risk item checklist.
The checklist focuses on some subset:
Product sizeProduct size
Business impactBusiness impact
Stakeholders characteristicsStakeholders characteristics
Process identificationProcess identification
Development environmentDevelopment environment
Technology to be buildTechnology to be build
Staff size and experienceStaff size and experience
After organizing risk item checklist ,a set of “risk components and
drivers ”are listed along with their probability of occurrence ,helps
in risk identification.
16. Risk components and Drivers
Risk componentsRisk components:
PerformancePerformance : degree of uncertainty that the product will meet its
requirements and be fit for its intended use.
CostCost : degree of uncertainty that the project budget will be
maintained.
ScheduleSchedule : degree of uncertainty that the product schedule will be
maintained and that the product will be delivered on time.
SupportSupport :degree of uncertainty that the resultant software will be
easy to correct ,adapt ,and enhance.
It is required that the project manager identify the risk drivers
that affect software risk components.
17. RISK PROJECTION /RISK ESTIMATIONRISK PROJECTION /RISK ESTIMATION
Attempts to rate each risk in two ways:
i. Probability that the risk is real.
ii. Consequences of the problems associated with the
risk.
There are four risk projection steps intended to
consider risks in a manner that leads to
prioritization.
Estimate a scale that reflects the perceived probability of a
risk.
Delineate the consequences of the risk.
Estimate the impact of the risk on project and product.
Asses the overall accuracy of the risk projection.
18. Risk tableRisk table
A risk table provides simple techniques for
risk projection.
Begin by listing all the risks in the table
with the help of risk item checklist.
Each risk is categorized in the second
table.
Probability of occurrence of each risk is
entered in the next column.
Next, the impact of each risk is assessed.
19. Risks Category Probability Impact RMMM
Size estimate may be significantly low PS 60% 2
Larger no of users than planned Ps 30% 3
Less reuse than planned PS 70% 2
End users resist system BU 50% 3
Delivery deadline will be tightened BU 40% 2
Funding will be lost BU 50% 1
Customer will change requirements PS 80% 2
Technology will not meet expectations TE 30% 1
Lock of training on tools DE 80% 3
Staff inexperienced ST 30% 2
Staff turnover will be high ST 60% 2
Sample risk table prior to sorting
Impact Values:
1---Catastrophic
2---Critical
3---marginal
4---negligible
20. Risk impacts on risk components:
negligible
marginal
critical
Catastrophic
Factors affecting impacts of risk:
Nature: Indicates the problems that are likely if it occurs.
Scope: Combines the severity with overall distribution.
Timing: Considers when and for how long the impact will be felt.
21. RISK EXPOSURE(RE)
RE=P*C
P=probability of occurrence for each risk
C=cost of project when risk occurs
Risk Exposure can be computed for each risk ,once the estimation
of the cost of the risk is made.
The total RE for all the risks can provide a mean for adjusting the
final cost.
RE can be used to predict the probable increase in staff resources
required at various points during the project schedule.
22. RISK REFINEMENT
During early stages of project planning, a risk may be stated quite
generally. As time passes and more is learned about risk ,it may be
possible to refine the risk into a set of more detailed risks each
somewhere easy to monitor and manage.
One way to do this is to represent the risk in Condition Transition
Consequence format:
Given that<condition>then there is concern that (possibly)<consequence>.Given that<condition>then there is concern that (possibly)<consequence>.
Refinement helps to isolate the underlying risks and lead to easier
analysis and response.
24. RISK MITIGATIONRISK MITIGATION
If a software team adopts a proactive approach to risk, avoidanceIf a software team adopts a proactive approach to risk, avoidance
is best strategy, achieved by developing a plan for mitigation.is best strategy, achieved by developing a plan for mitigation.
For ex, assume that high staff turnover is noted as a project risk r1.BasedFor ex, assume that high staff turnover is noted as a project risk r1.Based
on past history and management intuition, the likelihood l1 of highon past history and management intuition, the likelihood l1 of high
turnover is estimated to be 0.70 and the impact x1 is produced asturnover is estimated to be 0.70 and the impact x1 is produced as
critical. i.e. high turnover will have a critical impact on project cost andcritical. i.e. high turnover will have a critical impact on project cost and
schedule.schedule.
To mitigate this risk, you would develop a strategy for reducingTo mitigate this risk, you would develop a strategy for reducing
turnoverturnover
25. RISK MONITORING
After risk mitigation ,risk monitoring activity commence.After risk mitigation ,risk monitoring activity commence.
The project manager monitors the factors that may provide anThe project manager monitors the factors that may provide an
indication of whether the risk is becoming more or less likely.indication of whether the risk is becoming more or less likely.
e.g. In case of high staff turnover, the general attitude of team memberse.g. In case of high staff turnover, the general attitude of team members
based on project pressures ,interpersonal relationships among teambased on project pressures ,interpersonal relationships among team
members, potential problems with compensation and benefits,members, potential problems with compensation and benefits,
availability of jobs within the company and outside the company isavailability of jobs within the company and outside the company is
monitoredmonitored
Project manager should also monitor the effectiveness of riskProject manager should also monitor the effectiveness of risk
mitigation steps.mitigation steps.
Project manager should monitor work products carefully to ensureProject manager should monitor work products carefully to ensure
that each can stand on its own.that each can stand on its own.