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SHUJA S.P.M

SHUJA S.P.M

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Published by shuja qammer
Assignement of Software Project Management
Assignement of Software Project Management

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Published by: shuja qammer on Nov 21, 2010
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DEPARTMENT OF MANAGEMENT (LSM)ASSIGNMENT -4OFSOFTWARE PROJECT MANAGEMENTSUBMITTED TO: SUBMITTED BY:MS. PENCY JUNEGA SHUJA QAMMEREG NO: 10904442ROLL NO: A03SECTION: S1906MBA (IT)3
rd
Sem.
 
Part-A
Qns.1: Elaborate on the issues that relates to the Risk analysis and Risk managementof any software development process and why we need Risk management?
Ans:
Risk analysis:
 
Risk analysis is a technique to identify and assess factors that may jeopardize the success of a project or achieving a goal. This technique also helps to define preventive measures to reduce the probability of thesefactors from occurring and identify countermeasures to successfully deal with these constraints when theydevelop to avert possible negative effects on the competitiveness of the company. Reference classforecasting was developed to increase accuracy in risk analysis.
Facilitated Risk Analysis process:
FRAP analyzes one system, application or segment of business processes at time.FRAP assumes that additional efforts to develop precisely quantified risks are not cost effective because:
Such estimates are time consuming
Risk documentation becomes too voluminous for practical use
 
Specific loss estimates are generally not needed to determine if controls are needed.
Risk management:
Risk management is the identification, assessment, and prioritization of risks followed by coordinated andeconomical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from uncertainty infinancial markets, project failures, legal liabilities, credit risk, accidents, natural causes and disasters aswell as deliberate attacks from an adversary. Several risk management standards have been developedincluding the Project Management Institute, the National Institute of Science and Technology, actuarialsocieties, and ISO standards. Methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes,financial portfolios, actuarial assessments, or public health and safety.The strategies to manage risk include transferring the risk to another party, avoiding the risk, reducing thenegative effect of the risk, and accepting some or all of the consequences of a particular risk. 
Risks in Software Project Management:

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