1. RISK MANAGEMENT by Prasad Aradyula

2. What is a Risk? • Particular aspect of any task when ignored increases the livelyhood of project failure. • Risk is the probability that a hazard will turn into a disaster. • The result of a risk may be a gain or a loss • Risk= (probability of accident) *(loses per accident)

3. Types of risks • May be low budget • Might be required resources • Change of working environment • equipment

4. Risk Management • Risk Management is a process of identifying the risks, analysing them and developing strategies to manage and mitigate them with managerial resources.

5. Main Objective • Risks can never be entirely removed. • Reduce different risks related to specific task. • Risk may refer to any type of threat like threats caused byhumans,environment and other organisations.

6. Steps in Risk Management • Risk Identification • Risk Assessment • Risk Analysis • Risk Evaluation • Risk Strategies

7. Types in Risk Identification • Objective based Identification • Scenario based Identification • Classification based Identification • Common Risk checking method

8. Risk Assessment • Process to estimate the risk associated and also determining the potential threat to organisation with that particular task

9. Risk Analysis • Process of examininig the identified risk factors for probability of occurance ,potential loss and potentiall risk handling strategies. • Creaton of risk register that includes risk identification and quantify of risk and its potential impact on the product

10. Risk Evaluation • It is the tool that enables organisation to identify risk,analyse and mitigate it • Program manager can take decisions which risk should get prioritised first

11. Risk Strategies • Risk Elimination • Risk Reduction • Transfer of Risk • Risk Planning • Acceptance of Risk

12. Conclusions Risks can never be entirely removed. The main step is not trying to remove all risks, but to manage them. The secret of effective risk management is the ability to qualify and quantify risk elements objectively and reduce them to acceptable levels.

13. Rererences: • Stoneburner, Gary; Goguen, Alice and Feringa, Alexis (July 2002). Risk Management Guide for Information Technology Systems. • Risk Management in Software Management and the source is from the link (http://www.theirm.org/publications/PUstandard.html). • Boehm, Barry W.. IEEE Software, Jan91, Vol. 8 Software risk management principles and practices. • Risk management from the link (http://www.sei.cmu.edu/risk/) • Software Risk Management by Dedolph, F.Michael, Bell Labs Technical Journal. • SoftwareRiskManagement.Preview By: Fairley, Michard E.. IEEE Software, May/Jun2005, Vol. 22 Issue 3

14. QUESTIONS