Write a short note risk management Software Engineering Sem 6 Mumbai university Dec 16

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Write a short note risk management-Software Engineering-Sem 6-Mumbai university-Dec 16

It is related to software engineering.

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What Is Risk Management In Software Engineering?
Risk management means risk containment and mitigation. First, you’ve got to identify and plan. Then be ready to act when a risk arises, drawing upon the experience and knowledge of the entire team to minimize the impact to the project. 
Risk management includes the following tasks:
1.Identify risks and their triggers
2.Classify and prioritize all risks
3.Craft a plan that links each risk to a mitigation
4.Monitor for risk triggers during the project
5.Implement the mitigating action if any risk materializes
6.Communicate risk status throughout project
Identify and Classify Risks
Most software engineering projects are inherently risky because of the variety potential problems that might arise. Experience from other software engineering projects can help managers classify risk. The importance here is not the elegance or range of classification, but rather to precisely identify and describe all of the real threats to project success. A simple but effective classification scheme is to arrange risks according to the areas of impact.
Five Types of Risk In Software Project Management
For most software development projects, we can define five main risk impact areas:
1.New, unproven technologies
2.User and functional requirements
3.Application and system architecture
4.Performance
5.Organizational

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