Updated on July 30, 2017 by admin
Importance of risk analysis in software projects can be judged from the fact that, no Software Development Life Cycle is viewed as complete unless it has passed through active consideration to areas having several types of risks associated with them.
The vulnerable areas covered under the process of risk analysis are
1) Assessment of Risk
2) Characterization of Risk
3) Communication of the Risk
4) Risk Management
5) Defining the Risk Related Policies
Following terms related to Risk Analysis need to be understood clearly
Let us try to understand as to what is Risk Analysis?
It is a technique employed to identify and assess various factors, which may jeopardize the success of a project or achieving a goal. These factors can pose some sort of threat to the project. Thus risk analysis covers the process of scientific assessment of such threats vulnerable to the attainment of the organizational goals.
Risk analysis technique is helpful in defining preventive measures to reduce the probability occurrence of such threatening factors. It includes identification of various countermeasures to successfully deal with such constraints with an objective to avoid devastating effects on the organization’s competitiveness in the trade.
One of the risk analysis technique gaining popularity in IT sector is known as FRAP – (Facilitated Risk Analysis Process)
What is Risk Assessment?
Risk assessment involves finding out the quantity and quality of risk associated with a situation of known threat. It covers thorough evaluation of existing security & environment related aspects with a view to assess the probability of harmful effects of the threats to the organization. Risk assessment is the first and foremost step in a risk management process.
What is Business Impact Analysis or BIA?
Business impact analysis refers to the process of finding out the functions critical to the operations of the organization. The outcome of business impact analysis effort is having differentiation between critical and non-critical functions in the organization. A function is viewed as critical when its implications are unacceptable to the organization, or when it is dictated by the law or demanded by the customer or having constraint of internal operations or having unacceptable financial implications.
What is Risk Management?
Risk management is a structured methodology of handling uncertainty associated with a threat. Risk management includes development of strategies to handle the risk either by
– Transfer of the risk to some other party
– Taking actions so as to completely avoid the risk
– Taking measures aimed at reducing the damaging effects of the inevitable risk
– Taking decision to accept some or all of the consequences of a particular risk.
Few of the Risks associated with software product are described as under:
1) Risks related to the Size of the Product:
The size of the software product also can pose threat when it gets subjected to unexpectedly high deviation compared to the expectations. As a best practice, the expectations from the product are compared with similar situations encountered in the past & learning from the past happenings.…