Importance Of Risk Management In Software Development

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This report will explain the importance of risk management to success a software development projects. Nowadays software development become more popular. Success of the software development project is based on risks. Risk is the possibility of gaining or losing the value of something. By identifying and reducing risks organizations can success their businesses. This report has given an introduction about risk management, risk management on software development projects, recommendations at last. Risks in Software Development Today business world needs software with new technologies within minimum time frames. Software development is based on knowledge and technology. Risks are occur in software development process and it is effect to the success…show more content…
Most of the software development projects based on new technologies. It is useful to create successful software development projects. To use new technologies software development team need to have a good knowledge of it. If not new technologies causes to fail the project. The second impact area is software requirements. This is really impact to the quality and the functionality of the software. Software is developed as per the use expectations. First of all need to find and gather all the requirements. Requirements are the guidelines for the development. Requirements can divide into two parts as functional requirements and non-functional requirements. Functional requirements describes the behaviour of the product and non-functional requirements the quality of the product. Identifying requirements is not an easy task. If the identification failed, software project will also fail. The third impact area is software system architecture. Software architecture is a set of important decisions about the parts of software product. To have a better software with high quality need to define the architecture in early development phases. It is important to make software fulfilled with all the…show more content…
If the number of people who are working to the project (human resource) and the technologies which used to the project are not sufficient, resource risk will occur. If the project supplier is not meet with the correct deadline, supplier risk will occur.  Risk Quantification Risks can evaluate based on quantity. Matrix is used by project managers to analyse risks. From that risks can categorize in to four sections such as Low, Medium, High and Critical. When the risk in the matrix categories used two parameters for placing; they are the impact on the project and the probability of occurrence. If the risk occurrence is low, it has the highest impact then the risk can be categorized as 'High'. Example: probability = 2, impact = 4 (Impact is higher than probability so the risk is high)  Risk Response In this step risk will reduce to minimum. Risk response is depends on project manager. There are four risk response plans such as risks can be avoided, pass on the risk, take corrective measures to reduce the impact of risks and acknowledge the

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