Exercise 3 .

1
RISK MANAGEMENT PLAN
Risk management is a series of steps whose objectives are to identify, address,
and eliminate software risk items before they become either threats to successful
project operation or a major source of expensive rework.
Risk Analysis
For every project there are several types of risks involved namely project risks,
product risks and business risks, which are further specified as according to the
nature of each project.
In the exercise 2.1, project 2 has the highest developmental risks that could be
as a result of a multiple factors listed in the following table.
Rank

Risk

Probability

Impact

Remediation

Technology and tools risk-

40%

Critical

By hiring expertise

lack of exposure, availability

and training internal

or experience with new

labor force to stay

technologies and equipment

updated through
tutorials and extensive

Organizational and

25%

Critical

research.
By motivating

managerial risks- threat to the

employees by giving

organizational environment

incentives on each

due to lack of focus and

level and by

consensus among different

specializing different

hierarchal positions. Changes

tasks to specific

in requirements frequently.

people according to

People and process risk-

20%

takes into account the project

their expertise.
May be critical Assigning each team
or marginal

member a role and

organization, required labor

break down work with

force and their appropriate

respect to requirement

counseling and training.

in project

Estimation Risk- Unrealistic

management plan
Prepare realistic

schedules and budgets.

15%

Critical

budget schedules by
estimating all the
possible risks and
uncertainties involved.
Incorporating effective
cost-benefit analysis
methods