Ans “RISK” is a problem that could cause some loss or threatens the success of the project, but which has not happened yet.
Typical Software Risks:-
1. Dependencies: -Many risks arise due to dependencies of project on outside agencies or factors. It is not easy to control these external dependencies. Some typical dependency-related risk factors are:-
• Availability of trained, experienced people.
• Intercomponent or inter-group dependencies.
• Customer-furnished items or information
• Internal and external subcontractor relationships.
2. Requirement Issues:-Many project face uncertainty and turmoil around the product’s requirements. If we do not control requirements-related risk factors, we might either build the wrong product, or build the right product badly. Either situation results in unpleasant surprises and unhappy customers. Some typical factors:-
• Lack of clear product vision.
• Lack of agreement on product requirements.
• Unprioritized requirements.
• New market with uncertain needs.
• Rapidly changing requirements.
3. Management Issues:-Project managers usually write the risk management plan, and most people do not wish to air their weaknesses in public. If we do not confront such touchy issues, we should not be surprised if they bite us at some point.
• Inadequate planning and task identification
• Inadequate visibility into actual project status.
• Unclear project ownership and decision making.
• Unrealistic commitments made, sometimes for the wrong reasons.
• Staff personality conflicts.
• Poor communication.
4. lack of Knowledge:-The rapid rate of change of technologies, and the increasing change of skilled staff, means that our project teams may not have the skills we need to be successful. Some of the factors are:-
• Inadequate training.
• Poor understanding of methods, tools, and techniques.
• Inadequate application domain experience.
• New technologies.
• Ineffective, poorly documented, or neglected processes.