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.
With its constantly changing user requirements and the need for quality deliverables at the speed of light, the software industry is living on the edge. The number of risks associated with a project increase with its complexity. Risk management techniques help to reduce the cost associated with a given software project.
In the absence of a sound risk management plan, the magnitude of loss to the organization could range from miniscule to monumental. Uncertainties are always present, and they take the form of risks that can delay or damage a software project. Uncertainties cannot be predicted, nor can they be avoided with infallibility; they can, however, be analyzed and quantified, and strategies devised to combat them.
The recommended approach, thus, is to consider a risk as an opportunity to avert perils. By adopting a positive approach, having a shared product vision, and working with the sole aim of combating the threats to the project, an organization can achieve success in its goal of minimal business disruption.
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