Importance Of Software Risk Management

management depends on the types of risks being considered.A. Technical risksRisks that are associated with the performance of the software product and include problems with languages, project size, project functionality, platforms, methods, quality, reliability and timeliness issues. Even if there are no mid-project changes in scope, unforeseen technical complications can also turn the project upside down. Project managers might know the technologies they are using in the project very well but when they integrate it with another component, it's a complete mess. B. Financial risks These risks include cash flow, capital and budgetary issues, and return on investment constraints. These risks are associated with the cost of the software product

Schedule and scope risks These risks are associated with the schedule and scope of the software product during development. Changes in scope are frequent in IT projects and to some extent they are quite logical. Analysis Of Software Risk Management Risk identification and risk assessment should be done as early as possible to minimize negative deviations and to maximize positive results during project development. Assessing software risks means determining the effects of potential risks. For the purposes of risk assessment the automated tool might provide predefined set of criteria that would help the experts to conduct evaluation.Several approaches to software risk management have since been proposed and used in the software engineering context. However, despite of several studies and experiences publishedabout risk management, the software industry, in a general way, does not seem to follow a model to analyze and control the risks through the development of their products [11]. According to Johnson [10] two approaches to software project management can be identified, traditional and risk-oriented. The traditional approach is reactive in nature and deals with problems generic to all software projects systemically and project specific problems as they

Enterprises who have adopted (or are planning to adopt) COBIT as their IT governance framework can use Risk IT to enhance risk management.4.5 Risk Radar Enterprise (RRE)Risk Radar Enterprise provides very good functionality at the Enterprise, Program, and/or Project levels when implementing a Risk Management Program. The application framework grows with your risk management program maturity and requirements. Risk Radar Enterprise empowers managers and provides their teams the visibility they require to proactively Identify, Analyze, Track, Control, Mitigate and Report Risk/Opportunities. It enables cost effective management and communications of Cost, Schedule, Technical/Performance risks/opportunities within a common flexible and scalable enterprise framework. It increases the visibility of program risks by helping them identify, analyze, track, mitigate, and control them. That translates into huge amounts of money and man-hours saved – as well as projects being delivered on-time and on-budget.4.6 JCAD's COREJCAD’s web-based enterprise risk management software, CORE provides businesses with a framework that enables the controlled management of risk and compliance with a clear link to objectives, strategy and projects.