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Can You Explain Software Project Risk Management?

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Risk Management is divided into 4 major stages. These are:

Risk Identification

Risk identification is a process of uncovering potential risk events in order to avoid unpleasant surprises. It should be undertaken systematically. It can be focus on both internal and external risks; those that are predictable versus those that are unpredictable; those over which we have a measure of control versus those that
are largely uncontrollable; and those that are technical versus those that are nontechnical.

Risk Assessment
Risk assessment attempts to identify the nature of risk events and to anticipate their impacts on the project. Although the assessment process frequently involves subjective judgments, it is desirable to quantify the risks to as great an extent as possible. Included here are attempts to determine the probabilities of outcomes. If the organization has a good historical record of project data, it may be possible to use these data to generate probabilities. Otherwise, the probabilities will be based on subjective guesses. Modeling the project can provide good insights into the project's dynamics and the consequences of risk events.

Risk Response Planning

Risk response planning is concerned with developing strategies to cope with risk events. Whereas risk identification and assessment provide us with an understanding of what can happen on the project, response planning furnishes us with actions we can take to either avoid a risk event or dampens its impacts. It generally focuses on three risk-coping strategies: developing and following
system standards, acquiring insurance, and developing planning alternatives.

Documentation

The fourth component of risk management is documentation. The importance of effective documentation cannot be overstated. Risk Documentation is the formal procedure for the collecting, filing and managing significant information which is important from successful management

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