A Risk is defined as "The possibility of suffering harm
or loss; danger." Software Risk Management may be defined as a well
defined, continual set of activities that together with the necessary tolls and
metrics can be used to identify, analyze and mitigate the risks involved in the
Software Development Life Cycle (SDLC) of Software Projects through the usage
of well defined policies, procedures and practices. You can find my article on
Software Development Life Cycle (SDLC) here.
Risk Management is an important practice in the SDLC
processes. Risks are applicable to a wide variety of industries; however, this
article would focus on Risk Management applicable to SDLC only. It deals with
Risk Management in Software Project Management, and the Risk Mitigation
Strategies, Risk Assessment, Risk Control and how one can design an efficient
Risk Management Plan to address the risks involved in SDLC processes. It
outlines the methodologies that can be followed to reduce risks and increase
the chances of Software Project success.