Risk Mitigation In Risk Management

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RMMM: A Survey Krishna Dilip Suchak* Computer and science engineering, Government Engineering College, Sector 28, Gandhinagar-382028, India. Krishnasuchak18@gmail.com Prof. Pinal Patel Computer and science engineering, Government Engineering College, Sector 28, Gandhinagar-382028, India. Pinalpatel@gecg28.ac.in Abstract In today’s Life everyone has to face challenges. Every software has risk which should be managed very carefully. Risk identification, risk estimation and risk evaluation is done in order to avoid, monitor and manage risks and its Impact. To achieve a quality product risk mitigation, monitoring, and management is performed. Keywords: Risk Mitigation; Risk Monitoring; Risk Management. 1. Introduction Risk is an assumption…show more content…
Risk Mitigation One of the essential parts of risk management is risk mitigation, because it process to eliminate or reduce risks. Risk mitigation is the primary strategy and is achieved through a plan. A scheduling strategy for risk mitigation is essential to known the risks to be mitigated [3]. A risk mitigation strategy provides the best use of resources and reduces the risk, it performs better than a Random strategy. Classification of risk is perform i.e. resource related, technology related, department related etc. After classification is done mitigation plans are detailed out to mitigate risk. During RMMM planning roles and responsibilities of all staff are carried out so that risk mitigation performs on time [4]. There is a risk mitigation framework which is divided in following: - Risk Identification - Risk Assessment and - Risk…show more content…
Identifying the risk in every project is helpful to produce a quality product [9]. Not identifying risks can have drastic, costly, and even deadly consequences. 5.2. Risk estimation Risk Estimation is a procedure of assigning values to the probability and consequences of a risk. 5.3. Risk evaluation: Risk evaluation act to define how the estimated risk will be concerned with people or how people will be affected by the risk. A large part of this evaluation will be the consideration of how people perceive risks. 5.3. Risk response: The risk response planning involves some ways to reduce or remove any danger to the project, and also the chances to increase their impact. Project managers should work to eliminate the risk before they occur. Also, the project managers should work to make sure that negative impact gets removed and positive opportunities occur. 6. Risk Management Organization and Roles in

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