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Software Risk Management Notes

The document outlines the Software Risk Management process over several weeks, detailing steps such as risk identification, analysis, planning, tracking, and control. It emphasizes the importance of tools, techniques, and communication in managing risks effectively throughout a software project. The structured approach aims to enhance project success by continuously evaluating and addressing potential risks.

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kaleb teshome
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2 views8 pages

Software Risk Management Notes

The document outlines the Software Risk Management process over several weeks, detailing steps such as risk identification, analysis, planning, tracking, and control. It emphasizes the importance of tools, techniques, and communication in managing risks effectively throughout a software project. The structured approach aims to enhance project success by continuously evaluating and addressing potential risks.

Uploaded by

kaleb teshome
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

SOFTWARE RISK MANAGEMENT (WEEK 5–12)

1. Introduction

Software Risk Management is the process of identifying, analyzing, planning, tracking, and
controlling risks in a software project. It helps reduce uncertainty and increases the chances
of project success.

2. Week 5: Risk Identification, RIS & Case Study

2.1 Risk Identification

Risk Identification is the process of finding possible risks that may affect a project.

Purpose

 Detect risks early

 Reduce project failure

 Prepare mitigation strategies

Common Sources of Risk

 Technical issues

 Requirement changes

 Resource shortages

 Schedule delays

 Security vulnerabilities

Methods

 Brainstorming

 Expert Interviews

 Checklists

 Document Review

 Historical Analysis

 Case Studies
2.2 Risk Information Sheet (RIS)

RIS is a document used to record detailed information about a single risk.

Components

 Risk ID

 Description

 Category

 Probability

 Impact

 Risk Owner

 Mitigation Strategy

 Status

2.3 Case Study Method

Uses past projects to identify risks.

Steps

1. Study previous project

2. Identify problems

3. Analyze causes

4. Apply lessons

3. Week 6: Methods, Tools & RIS Usage

3.1 Focus

 Practical application of risk identification

 Use of tools and techniques

3.2 Methods & Tools

 Brainstorming
 Expert Judgment

 Checklist Analysis

 Historical Data Analysis

 SWOT Analysis

 Case Study

3.3 Key Idea

 Methods → How risks are found

 Tools → Help find risks

 RIS → Used actively to record risks

4. Week 7: Risk Analysis

4.1 Definition

Risk Analysis evaluates risks based on:

 Probability (likelihood)

 Impact (severity)

4.2 Types

Qualitative Analysis

 Uses Low, Medium, High

Quantitative Analysis

 Uses numbers and calculations

Risk Exposure Formula

Risk Exposure = Probability × Loss

4.3 Steps

1. Risk Classification

2. Probability Estimation
3. Impact Estimation

4. Risk Exposure Calculation

5. Risk Ranking

4.4 Tools

 Probability–Impact Matrix

 Decision Tree

 FMEA

 Monte Carlo Simulation

5. Week 8: RIS After Analysis & Multi-Voting

5.1 RIS After Analysis

RIS is updated with:

 Probability

 Impact

 Risk Exposure

 Priority

5.2 Multi-Voting

A group technique used to prioritize risks.

Steps

1. List risks

2. Assign votes

3. Team votes

4. Count votes

5. Rank risks
5.3 Key Idea

Analyze → Vote → Prioritize → Update RIS

6. Week 9: Risk Planning & RMMM

6.1 Software Risk Plan

A roadmap explaining how risks will be handled.

6.2 Plan Elements

 Risk Strategy

 Responsibilities

 Risk Categories

 Probability–Impact Matrix

 Mitigation & Contingency Plans

6.3 Accept & Watch

 Accept → Live with risk

 Watch → Monitor risk

6.4 RMMM Plan

 Mitigation → Prevent risk

 Monitoring → Track risk

 Management → Control process

7. Week 10: Risk Tracking

7.1 Definition
Continuous monitoring of risks during the project.

7.2 Activities

 Status Updates

 Trigger Monitoring

 Metric Analysis

 Residual Risk Review

7.3 Tools

 Risk Register

 Spreadsheets

 Dashboards

 Alerts

 Kanban Boards

8. Week 11: Risk Control & Closure

8.1 Definition

Ensuring risks are resolved and properly closed.

8.2 Methods

 Risk Audits

 Risk Re-assessment

 Quality Gates

 Performance Measurement

8.3 Completed RIS


Final record including:

 Control actions

 Actual results

 Residual risk

 Final status

9. Week 12: Communication & Documentation

9.1 Communication

Sharing risk information among stakeholders.

Purpose

 Improve understanding

 Support decisions

 Ensure coordination

9.2 Enablers

 Organizational support

 Good tools

 Skilled team

 Clear processes

9.3 Barriers

 Poor communication

 Lack of tools

 Misunderstanding

 Delayed reporting
9.4 Documentation

Recording all risk-related information.

Tools

 Risk Register

 Reports

 Dashboards

 Knowledge Base

10. Conclusion

Software Risk Management follows a structured process:

Risk Identification → Risk Analysis → Risk Planning → Risk Tracking → Risk Control →
Communication & Documentation

A well-managed project continuously identifies, evaluates, and controls risks while ensuring
proper communication and documentation.

11. Quick Summary (For Revision)

 Week 5 → Identify risks

 Week 6 → Use tools & RIS

 Week 7 → Analyze risks

 Week 8 → Prioritize risks

 Week 9 → Plan responses

 Week 10 → Track risks

 Week 11 → Control risks

 Week 12 → Communicate & document

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