Sound risk management regimes help people avoid disasters, rework and stimulate win‑win situations on software projects. Some of the benefits resulting from implementing risk management include:
- preventing problems before they occur;
- improving product quality;
- enabling better use of resources; and
- promoting teamwork.
|
Function |
Description |
| Identify | Search for and locate risks before they become problems. |
| Analyze | Transform risk data into decision‑making information. Evaluate impact, probability and timeframe, classify risks, and prioritize risks. |
| Plan | Translate risk information into decisions and mitigation actions (both present and future), and implement those actions. |
| Track | Monitor risk indicators and mitigation actions. |
| Control | Correct for deviations from the risk mitigation plans. |
| Communicate | Provide information and feedback, internal and external to the project, on the risk activities, current risks, and emerging risks.Note:Communication happens throughout all the activities of risk management. |
