Risk Mitigation And Management Scheme Based On Risk Priority
Basit Shahzad, Sara Afzal Safvi · Global Journal of Computer Science and Technology · 2010
Much effort has been put in order to identify the possible risks hindering the successful completion of software projects. Techniques in risk mitigation, management and monitoring plan devise the estimation process of risk likelihood and their possible impact on the progress of software project. Risk Mitigation, Monitoring, Management is a thorough and continuous process, which aims to bring the potentially losing project to the safer shore. Hence every phase of this plan is of equal importance. Generally more focus is maintained in the initial phases i.e. the identification and assessment of possible risks. Whereas formalizing a concrete avoidance / mitigation plan must also be devised, to ensure that risk do not mature in problem. A response should be ready in advance. Generally it is easier to indentify and assess the risk but to suggest suitable mitigation / contingency plan is far more difficult task. The measurement of effectiveness of these mitigation / contingency plans should be well carried. It must ensure that after the execution of such plans the risk exposure is reduced or preferably eliminated. This can be referred as the feasibility of the mitigation / contingency plan, which is critically analyzed and measured for its effectiveness. This paper focuses on the prioritization and then handling and proposing the mitigation strategy for each risk factor Keywords-Risk mitigation, Risk Priority, Risk Management, Risk Handling, Software Risk management