VACOE, AHMEDNAGAR Chapter 5 Risk Management

Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities

5.1 Risk Identification :

5.1.1 Customer Related : R1. Customer may not be a technical person, so understanding exact re uirements of customer may not be possible. R!. "f non feasible or irrelevant re uirements are provided by the customer, it may generate some unknown risk. 5.1.2 Product Size Related : R#. $roduct size may increase due to inefficient implementation of system. 5.1. !usiness Impact : R%. &elay in pro'ect delivery (violation of time constraints) can hamper the customer economically. 5.1." Staff Size Related : R*. +s the scope of the pro'ect is too large, it may be difficult to complete it in given span of time with # persons.

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5.1.5 #e$elopment %n$ironment Related : R-. .ack of training on the development tools may cause an inefficiency and difficulty in pro'ect completion. R/. "f customer asks for modification(s) in later stages of development, it is difficult to alter the entire system in accordance with that change(s). 5.1.& 'echnical Risks: R0. 1e can2t say that obtained result is as per user2s re uirement. R3. 4ystem may fail to provide desired efficiency to the customer.

5.2 Strategies used to reduce risks :

41. 4election of incremental model so that the pro'ect can be completed with less number of persons. 4!. 4ystem should be flexible enough to adopt future changes and modifications suggested by user. 4#. Regular meeting with the customer reduces risks. 4%. $roper training on re uired technical tools for development of pro'ect reduces risk. 4*. 5fficient feature extraction techni ues must be used. 4-. 6ime constraints must be followed to avoid economical risks. 4/.7ore time should be spend upon testing and improvement.

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5. Risk Pro(ection:
6able *.1 lists all possible risks which may occur at any stage during development of pro'ect. 6able also clearly show the impact of risks and R777 (Risk 7itigation 7onitoring +nd 7anagement) plan to deal with any such risks.

'a)le 5.1 Risk 'a)le Risk R1 R! R# R% R* RR/ R0 R3 Categor* Customer related Customer related $roduct size related 8usiness impact 8usiness impact 4taff size related &evelopment 5nvironment related &evelopment 5nvironment related 6echnical Pro)a)ilit* 7oderate 7oderate .ess 7ore 7ore .ess .ess .ess 9igh Impact .ow .ow .ow 9igh 9igh 7edium 9igh 7edium 9igh RMMM Plan 4# 4# 4* 44*,441 4% 4! 4/

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