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Time After Time - Administration

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.

TABLE OF CONTENTS:
  1. Risky Business (part 2)
  2. Plan B
  3. Getting Down To Business
  4. Big Brother Is Watching
  5. Time After Time
  6. Banking On It
  7. Endgame
By: Joanarc, (c) Melonfire
Rating: starstarstarstarstar / 2
May 28, 2003

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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.

 
 
>>> More Site Administration Articles          >>> More By Joanarc, (c) Melonfire
 

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