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Unit 2: Risk and Quality3 min read
In Software Project Management (SPM), a Risk is any uncertain event that can have an impact on the project's schedule, cost, scope, or quality.
"Hope for the best, but plan for the worst." This adage is the core of Risk Management. Instead of reacting to disasters as they happen, a good project manager proactively identifies and evaluates risks before the project even starts.
You cannot manage a risk you don't know about. Risk Identification is the process of brainstorming and discovering what could potentially go wrong.
The output of this phase is the Risk Register, a living document that lists every identified risk.
Once you have a list of 50 potential risks, you can't spend equal time worrying about all of them. Risk Assessment helps prioritize them.
We evaluate every risk based on two factors:
By multiplying Probability Impact, we calculate the Risk Exposure (or Risk Score). This allows us to plot the risks on a matrix.
An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.
The systematic process of determining which risks might affect the project and documenting their characteristics.
The process of evaluating the identified risks to determine their probability of occurring and the potential impact if they do.
Test your understanding with 2 questions
What is the primary goal of the Risk Identification phase?
When assessing a risk, which two primary factors are evaluated to determine its severity?
6 Modules
6 Modules