 Site Administration Page 5 - Risky Business (part 2) |
Time After Time - AdministrationNow 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.
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The auditing phase involves taking measures to enhance the risk management process, on a periodic basis. This involves: - ensuring that risk data is available to the project and business management teams; - recognizing the fact that risk attributes - probability, impact and frequency - are subject to change over a period of time; - responding promptly to trigger values; - transferring risks to other groups; - selecting what approach has the best return on investment; - conducting regular project reviews; - comparing results of current reviews with past risk records to ensure that timely corrective action has been taken; - reassessing risks at key milestones; - performing periodic review of the risk items; It is imperative that the risk management system be updated on a constant basis in the face of emerging technologies. Additionally, a strict vigil should be maintained to ensure that the acceptable tolerance levels established for the various risk factors do not exceed their limits.
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