Risks And Risks Of Risk Management

1150 WordsMar 13, 20155 Pages
Introduction In this essay, I will be talking about Risk Management. What is Risk Management? Risk Management is identifying potential risks that could arise whilst developing a software product and taking specific measures on how you could prevent these risks from occurring. Risks not only have an impact on software product, but also have an impact on the overall project and the business organization, therefore it is important to know what a risk is and how to minimize it. (Sommerville, 2010) What is a risk? A risk is “uncertain events that are capable of affecting the achievement of project objectives” (Sommerville, 2010,p1) This shows that risks are likely to occur at any time whether it brings a negative or positive impact. Mostly you would think of risks implying a negative outcome to a business project or software product, however this is not always the case. Risks can also convey potential opportunities to a project and product. For example, receiving high demands of new software product that’s a positive risk. The various risks category out there are Project risks, Product risks and Business risks which are all important as each other. A Project risk is a risk that has a huge impact on the objectives of the project as well as how tasks are scheduled. An example of a Project risk would be having to make an employee redundant due to project budgets or current economy conditions. This leaves the project in a state as new employees might not have the necessary skills

More about Risks And Risks Of Risk Management

Open Document