Now that you've analyzed the risks inherent to your project and come up with a plan to tackle them, it's time to put your risk management plan into practice. In this concluding article, examine the processes of implementing, monitoring and auditing a software risk management plan, together with a case study that demonstrates how it works in the real world.
The monitoring phase involves tracking the progress of the implementation of the risk reduction plan, so as to identify and resolve potential problems before they assume serious proportions. In order to accomplish this, a manager needs to:
- watch out for indicators of a risk scenario;
- compare the indicators to the trigger values;
- alert all the people concerned and take corrective action;
- record the results of the corrective action taken against the risks (this includes accumulating information, compiling it in a suitable format, analyzing it, measuring the risk factors recorded, and keeping track of the trigger values);
- update the Master Risk Assessment Plan with this information for future references.
The tracking process could result in new risks being identified, which, in turn, should result in an update of the risk list and of the original software development plan.