Risk is a concept that denotes the precise probability of specific eventualities. Technically, the notion of risk is independent from the notion of value and, as such, eventualities may have both beneficial and adverse consequences.
Risk can be defined as “the threat or probability that an action or event will adversely or beneficially affect an organisation's ability to achieve its objectives”. In simple terms risk is ‘Uncertainty of Outcome’, either from pursuing a future positive opportunity, or an existing negative threat in trying to achieve a current objective.
2.) Identify at least 5 software risk. Discuss each.
Project itself
Project risks include inadequate configuration control, cost overruns and poor quality. Poor quality means the software either does not work very well, or it fails in operation repeatedly.
Commercial software risks
A finished project may have lower user satisfaction. Lower user satisfaction means the product has low quality, functions inadequately, and has complex structures. Users are also displeased by excessive utilization of disk space or other hardware components requirements by the software.
Military software risks
Military has unique requirements for software. The most common risks are excessive paper work and long schedules. Research shows that more than fifty percent of software project expenses are paperwork cost. Long schedules will more often cause software project no longer useful when it is finished.
3.) Identify risk management strategies.
4.) You are asked by your manager to deliver software to a schedule which you know can only be met by asking your project team to work unpaid overtime. All team members have young children. Discuss whether you should accept this demand from your manager or whether you should persuade your team to give their time to the organisation rather that thier families. What factors might be significant in your decision?
5.) As an IT student that has been trained for Java Programming, you are offered a home based job as a project manager for a certain software project, but you feel that you can make more effective contribution in a technical specifically doing progamming module using Java for the project rather than a managerial role. Discuss whether you should accept the job.
Source: Wikipedia and google.com
