Software Engineering
RISK ANALYSIS [pic 1]& RISK MITIGATON STRATEGYTable of Contentsa. Tolerable Risks : The level of risk deemed acceptable by project team in order that some particular benefit or functionality can be obtained, but in the knowledge that the risk has been evaluated and is being managed 6b. Low-level risks : These low-level risks are the risks which have small effects on the project objectives if they occur. The probability of realization of these risks is very low. 6c. Middle-level risks : These middle-level risks are the risks which have cost and timing effects on the project objectives if they occur. The probability of realization of these risks is high enough to need to take prevention. 6d. High-level risks : These high-level risks are the risks which have high probability of realization and effects to the project objectives are high. These are the risks which need to be under control because they can cause serious results. 6e. (IN) Non-Tolerable Risks : Possibilities of realization of the risks and effects of the project objectives at this level are extremely high and consequences of them can be disastrous if no measure is taken 6 Considerations for risk mitigation are as follows : 12
a. Tolerable Risks : Good system engineering studies are needed to solve the problems at this level. 12b. Low level risks : The risks which can be managed inside of the standard Software engineering and management rules. , they do not require a special study. 12c. Middle-level risks : This kind of risk needs regular review meetings with the stakeholders. 12d. High-level risks : This kind of risk needs regular review meetings with the stakeholders. 12e. (IN) Non-Tolerable Risks : For this level of risks, risk mitigation plan must be managed officially. All the events which can have possibility of reducing risk must be listed. 12 The quality assurance person, assigned to the project, reviews the risk plan periodically, also takes measurements and audit the risk management procedure. 13Table of FiguresOVERVIEWThis guide describes A software company’s risk management methodology, how it fits into “Maintenance and Improvement of TURNA Software (Web Based Online Project Management System)” project. A software company’s Risk Management Methodology is based on CMMI & PMI standards. Our Risk Management Strategy is based on the principles described below: