Project Risk Management Advantages And Disadvantages

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There are many projects taken every year in an IT industry. These projects follow certain methodologies like software development lifecycle (SDLC) and agile development lifecycle (ADLC). SDLC methodology is a very popular methodology practiced in industry for decades and is still been used in many projects related to banking, finance, insurance etc. There are many advantages of SDLC methodology like - Clear project objectives, stable project requirements; progress of system is measurable, strict sign-off requirements. Since we are very much aware about benefits of using SDLC methodology, we also need to understand the risks any project carries while using this methodology. IT Project Risk Management is an important component of a Project Management.…show more content…
from the inception to the completion of the project. The project sponsors, project manager and the project team members together develops a risk register that helps them to identify, assess, quantify, prepare a response to, monitor, and control project risks. The extent to which project risk management is done depends to an extent on the total cost of the project. The project risk management helps the project team in several ways like it gives ability to the project team to focus time and effort on highest priority risks. It ensures that there is enhanced coordination and transparency with functional units, which facilitates early identification of critical risks. Risk management should not be regarded as non-essential cost to be cut in the difficult times. Instead, organizations should use the insights offered by the risk process to ensure that they can handle the inevitable circumstances & uncertainties and emerge with a best possible solution in the…show more content…
Learn how they are practiced in industry. Understand different risk factors that are common to most software development projects. Step 2: Identify a particular domain in an industry be it insurance or banking. Based on the preferred domain identify case study on software development projects and study them thoroughly to identify the various risk that are involved in traditional projects .i.e. Perform a case study based approach to identify risks in different phases of software development projects. Step 3: Conduct a survey with different project managers, developers and testers to identify the problems they face during software development stages. Step 4: Perform Fit/ Gap analysis based on the primary and secondary data available. Identify in detail what is missing in the approach followed in traditional projects Step 5: Identify mitigation strategy for the risks factors involved in different phases of the project. Step 6: Draw conclusions, suggest improvements and business benefits based on the research

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