Assignment:
"Risk Management" Please respond to the following:
• Risk management plays an important role within the software project management life cycle. Determine at least three techniques that can be used to identify and analyze project risk factors. Rationalize how these techniques can minimize project cost overruns, schedule delays, and defects.
• Justify an approach that you would use to identify, prioritize, and mitigate risk within a large software development project management life cycle. Include example(s) to justify your answer.
Risk management plays an important role within the software project management life cycle. Determine at least three techniques that can be used to identify and analyze project risk factors. Rationalize how these techniques can minimize project cost overruns, schedule delays, and defects.
Delphi Technique
Utilizing a review from a structured group (the project team) placed under a formal critique the Delphi technique is a more formalized peer (multiple stakeholder) review combining ‘expert' opinion under rigorous and structured questioning in an attempt to find weaknesses within the project planning and reach a consensus view on risk.
Decision Tree analysis
Decision tree analysis is a tool used to help select a course of action. They can also help inform the project group on possible risks and issues associated with a specific course of action. Decision trees map possible options available highlighting results that may be unknown. Once all decision points are known the resultant diagram can be evaluated and each decision scored in terms of outcome and risk. This can help the project team better plan having a better holistic view of possible outcomes of decisions made.
Checklists
Where your organization utilizes developed processes in determining risks and issues you may well find that your initial risk register is driven by a questionnaire or checklist. This can be an effective method, often initiated by a PMO office or corporate project governance process. Usually these have been developed overtime and look for specific weaknesses in the project and its planning
https://www.pmagenda.com/8-techniques-used-to-identify-risks-in-project-management/
Justify an approach that you would use to identify, prioritize, and mitigate risk within a large software development project management life cycle. Include example(s) to justify your answer.
Risk Mitigation
Businesses can also choose to manage risk through mitigation or reduction. Mitigating business risk is meant to lessen any negative consequence or impact of specific, known risks, and is most often used when business risks are unavoidable. For example, an automaker mitigates the risk of recalling a certain model by performing research and detailed analysis of the potential costs of such a recall. If the capital required to pay buyers for losses incurred through a faulty vehicle is less than the total cost of the recall, the automaker may choose to not issue a recall. Similarly, software companies mitigate the risk of a new program not functioning correctly by releasing the product in stages. The risk of capital waste can be reduced through this type of strategy, but a degree of risk remains.
https://www.investopedia.com/ask/answers/050715/what-are-some-examples-risk-management-techniques.asp