What are the risks involved in software project?

What are the risks involved in software project?
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One can define risk as "Future uncertain events with a chance of occurrence and a latent for loss". In every software product, identification and management of risks are the main concerns. Before the actual execution of program, risks are identified, classified and managed. These risks can be classified in various categories and now let's have a look on these:Schedule Risk: Project schedule get slip when tasks and schedule release risks are not addressed properly. Impact: Mainly affects on a project and finally on organization economy.Budget Risk: Estimating wrong budget, software development cost overruns, scope of project expansion.Employee Turnover: When an engineer leaves, he or she may take critical information with him/her which can delay and sometimes derail an entire project. It is necessary to make to sure that we have resources where team members can collaborate and share knowledge.Technical risks: Issues that are not identified earlier can create hurdle in meeting deadlines, unclear/ incomplete specification to developer, reduction in functionality of the software to compensate for overruns.Unavoidable risks: Obsolescence of software or other risks that cannot be controlled or estimated, change in government polices.Watching the above risks, most of the software development companies go for outsourced software testing services because when we engage an independent team of QA professionals to do the job, irrespective of the project's scope and frequency of testing needs, it can save the precious time and money hence results in economic growth of the organization.
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Last Answer : b. identify and describe all risks that might occur on the project.

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Last Answer : d. Risk Breakdown Structure.

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Last Answer : d. There are no risk-free projects.

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Last Answer : d. Risks are identified with each major group of activities.

Complete the following statement. As the project progresses into the execution phase: Select one: a. risks need to be checked off on activities that have been performed. b. the total risk on the project typically increases. c. risks are identified with each major group of activities. d. a risk response plan can be used to identify increasing levels of detailed risk analysis. e. the risk breakdown structure needs to be examined to be sure all the risk events have been avoided.

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Last Answer : a. risks need to be checked off on activities that have been performed.

What is the first step in developing a risk management plan? Select one: a. Analyze the risks. b. Estimate the likelihood of the risks occurring. c. Identify potential project risks. d. Develop a risk mitigation plan. e. Estimate the potential impact of risk on the project goals.

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Last Answer : c. Identify potential project risks.

Once the project is approved and moves into the planning stage, what happens in the next phase of the project life cycle?Select one: a. Agreements for risk sharing need to be concluded. b. The total risk on the project typically reduces as activities are performed without loss. c. Risks must be weighed against the potential benefit of the project’s success in order to decide if the project should be chosen. d. Risks are identified with each major group of activities. e. A risk response plan can be used to identify increasing levels of detailed risk analysis

Description : Once the project is approved and moves into the planning stage, what  happens in the next phase of the project life cycle? Select one: a. Agreements for risk sharing need to be concluded. ... activities. e. A risk response plan can be used to identify increasing levels of detailed risk analysis

Last Answer : d. Risks are identified with each major group of activities.

Project managers have to assess the risks that may affect a project. a. True b. False

Description : Project managers have to assess the risks that may affect a project. a. True b. False

Last Answer : b. False

Monte Carlo analysis can help predict the impact of risks on project deliverables. This is an element of one of the tools and techniques of which of the following processes? A. Risk Response Planning B. Quantitative Risk Analysis C. Risk Identification D. Qualitative Risk Analysis

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Last Answer : B. Quantitative Risk Analysis

All of the following statements are true regarding risk events except which one? Choose the least correct answer.A. Project risks are uncertain events. B. If risks occur, they can have a positive or negative effect on project objectives. C. Unknown risks are threats to the project objectives, and nothing can be done to plan for them. D. Risks that have more perceived rewards to the organization than the consequences of the risk should be accepted.

Description : All of the following statements are true regarding risk events except which one?  Choose the least correct answer. A. Project risks are uncertain events.  B. If risks occur, they can ... that have more perceived rewards to the organization than the consequences of  the risk should be accepted.

Last Answer : C. Unknown risks are threats to the project objectives, and nothing can be done to  plan for them.

All of the following statements are true regarding risks except for which one? Choose the least correct answer. A. Risks might be threats to the objectives of the project. B. Risks are certain events that may be threats or opportunities to the objectives of the project. C. Risks might be opportunities to the objectives of the project. D. Risks have causes and consequences.

Description : All of the following statements are true regarding risks except for which one? Choose the least correct answer.  A. Risks might be threats to the objectives of the project.  B. Risks are ... Risks might be opportunities to the objectives of the project.  D. Risks have causes and consequences.

Last Answer : B. Risks are certain events that may be threats or opportunities to the objectives of  the project

The process of assessing the probability and consequences of identified risks to the project objectives, assigning a risk score to each risk, and creating a list of prioritized risks describes which of the following processes? A. Quantitative Risk Analysis B. Risk Identification C. Qualitative Risk Analysis D. Risk Management Planning

Description : The process of assessing the probability and consequences of identified risks to the project objectives, assigning a risk score to each risk, and creating a list of prioritized risks describes ... Risk Analysis B. Risk Identification C. Qualitative Risk Analysis D. Risk Management Planning

Last Answer : C. Qualitative Risk Analysis

Andrew has joined as the Project Manager of a project. One of the project documents available to Andrew lists down all the risks in a hierarchical fashion. What is this document called? a. Risk Management Plan. b. List of risks. c. Monte Carlo diagram. d. Risk Breakdown Structure.

Description : Andrew has joined as the Project Manager of a project. One of the project documents  available to Andrew lists down all the risks in a hierarchical fashion. What is this document  called? a. Risk Management Plan. b. List of risks. c. Monte Carlo diagram. d. Risk Breakdown Structure.

Last Answer : d. Risk Breakdown Structure.

The main aim of a project risk management process should be to: a. identifies project risks and then manage them appropriately. b. identify all project risks and transfer them immediately. c. identify all the things that are threats or opportunities on a project. d. satisfy the organisation’s project management process.

Description : The main aim of a project risk management process should be to:  a. identifies project risks and then manage them appropriately.  b. identify all project risks and transfer them immediately.  ... are threats or opportunities on a project.  d. satisfy the organisation's project management process.

Last Answer : a. identifies project risks and then manage them appropriately.

Which one of the following statements about the project risk register is false? a. It facilitates the review and monitoring of risks. b. It facilitates the risk appetite. c. It facilitates the recording of risk responses. d. It facilitates the recording of risks

Description : Which one of the following statements about the project risk register is false?  a. It facilitates the review and monitoring of risks.  b. It facilitates the risk appetite.  c. It facilitates the recording of risk responses.  d. It facilitates the recording of risks

Last Answer : b. It facilitates the risk appetite

The main outcome of risk identification, in a risk management process, is to: a. identify and determine the relative importance of the project risks. b. identify and describe all risks that might occur on the project. c. identify and determine the responses to the project risks. d. identify and describe risks that have occurred on previous projects.

Description : The main outcome of risk identification, in a risk management process, is to:  a. identify and determine the relative importance of the project risks.  b. identify and describe all risks that ... to the project risks.  d. identify and describe risks that have occurred on previous projects.

Last Answer : b. identify and describe all risks that might occur on the project.

)The total amount of risk that is calculated for a project is found by 1. Multiplying the sum of each the risk times the amount at stake2. Calculating the cumulative sum of the probability for each risk and multiplying this value times the consequence of occurrence of the risk events 3. Cannot be calculated since all risks are not know 4. The amount of project reserves available

Description : )The total amount of risk that is calculated for a project is found by 1. Multiplying the sum of each the risk times the amount at stake 2. Calculating the cumulative sum of the probability for ... 3. Cannot be calculated since all risks are not know  4. The amount of project reserves available

Last Answer : 2. Calculating the cumulative sum of the probability for each risk and multiplying this value times the consequence of occurrence of the risk events

)Which of the following fit the category of external risks? 1. Project delays, budget under-runs, movement of city utilities 2. Regulatory, currency changes, taxation 3. Natural disasters, regulatory, design 4. Inflation, design, social impact 5. Political unrest, budget overruns, size and complexity of the project

Description : )Which of the following fit the category of external risks? 1. Project delays, budget under-runs, movement of city utilities  2. Regulatory, currency changes, taxation  3. Natural disasters, ... , design, social impact  5. Political unrest, budget overruns, size and complexity of the project

Last Answer : 2. Regulatory, currency changes, taxation

How To Identify Project Risks?

Description : How To Identify Project Risks?

Last Answer : Risk identification in the Project Management is often done by using brainstorming sessions to identify and clarify the main risks that may work against the project achieving its stated outcomes. It is ... the achievement of outcomes, delivery of outputs, level of resourcing, time, cost and quality.

What are the types of risks you may encounter in a project?

Description : What are the types of risks you may encounter in a project?

Last Answer : These could be categorized as technical, external, internal/organizational, etc. Depending on the type of projects other categories may have to be considered.

Which of the following represent the three major categories of risks faced by a business organisation? a) Business risks, personnel risks, budget risks b) Project risks, technical risks, business risks c) Planning risks, technical risks, personnel risks d) Management risks, technical risks, design risks

Description : Which of the following represent the three major categories of risks faced by a business organisation? a) Business risks, personnel risks, budget risks b) Project risks, technical risks, ... ) Planning risks, technical risks, personnel risks d) Management risks, technical risks, design risks

Last Answer : b) Project risks, technical risks, business risks

What Are The Different Types Of Software Risks?

Description : What Are The Different Types Of Software Risks?

Last Answer : The different types of risks are as follows: Project risks: This type of risk can destroy your project plan. The release date of project may postpone further and cost will increase. Technical risks: ... of business risk such as market risk, strategic risk, sales risk, management risk, budget risk.

In preparation for developing the acceptance criteria, the user should A. Know the defects in the application B. Acquire the basic knowledge of the application for which the system is intended C. Understand the risks and benefits of the development methodology that is to be used in correcting the software system D. Know new enhancement and basic understanding of how the application is implemented in users organization

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Last Answer : Understand the risks and benefits of the development methodology that is to be used in correcting the software system

Draw the flow chart of Risk Management-Activity and explain various Software risks.

Description : Draw the flow chart of Risk Management-Activity and explain various Software risks.

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Have you ever been involved in leading a large community project?

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The States involved In the Dandakaranya Project are (a) Uttar Pradesh, Maharashtra and Karnataka (b) Karnataka, Andhra Pradesh and Tamil Nadu (c) Odisha, Madhya Pradesh, and Andhra Pradesh (d) Kerala, Tamil Nadu, Andhra Pradesh

Description : The States involved In the Dandakaranya Project are (a) Uttar Pradesh, Maharashtra and Karnataka (b) Karnataka, Andhra Pradesh and Tamil Nadu (c) Odisha, Madhya Pradesh, and Andhra Pradesh (d) Kerala, Tamil Nadu, Andhra Pradesh

Last Answer : Ans: (c)

Project cycle is a collection of generally sequential project phases whose description and order of occurrence are determined by the control needs of the organisation or organisations involved in the project. (True/False)

Description : Project cycle is a collection of generally sequential project phases whose description and  order of occurrence are determined by the control needs of the organisation or  organisations involved in the project. (True/False)

Last Answer : Ans. True

Which of the following are parameters involved in computing the total cost of a development project? a) Hardware and costs b) Effort costs c) Travel and training costs d) All of the mentioned

Description : Which of the following are parameters involved in  computing the total cost of a development project? a) Hardware and costs b) Effort costs c) Travel and training costs d) All of the mentioned

Last Answer : d) All of the mentioned