1. CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved CSE7315M25 Slide 1 August 13, 2006 SMU CSE 7315 Planning and Managing a Software Project Module 25 Risk and Opportunity Management Overview

2. CSE7315M25 Slide # 2 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Objectives of This Module To discuss risk/opportunity management principles, outline the risk management process, and discuss two methods of risk management To review some examples of software risks/opportunities and risk/opportunity management

3. CSE7315M25 Slide # 3 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Outline of This Module 1) Overview - The Risk/Opportunity Management Process 2) Risk/Opportunity Examples text, chapters 5, 6 Boehm, Barry, Software Risk Management, IEEE Computer Society Press, 1989, ISBN 0-8186-8906-4

4. CSE7315M25 Slide # 4 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Risk Management is Continuous Manage Risks Define the Approach Generate Detailed Plans Understand the Need Execute and Monitor

5. CSE7315M25 Slide # 5 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Software Management: A Framework for Risk Management Software Development Risk Management Project Management

6. CSE7315M25 Slide # 6 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Another Model of the Risk Management Process Understand Needs Generate Detailed Plans Define Approach Evaluate & Re-plan Risk Management

7. CSE7315M25 Slide # 7 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved What Is a Risk? Risks are: – things that can go wrong – patterns of risk change over the lifecycle for example, cost estimating risks occur early, whereas risks of staff burnout occur later If it has already happened, or is certain to happen, it is a problem, or an issue, not a risk! – You should be discussing your action plan for managing the problem/issue

8. CSE7315M25 Slide # 8 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved What Is an Opportunity? Opportunities are: – things that can go better than expected If it has already happened, or is certain to happen, it is a fact, not an opportunity! – You should be discussing your action plan for taking advantage of the opportunity

9. CSE7315M25 Slide # 9 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved How to State a Risk Indicate the problem and the cause – “The project might be late” This doesn’t say much. Why might it be late? – “There might be employee turnover” So what? This states the cause but not the problem – “The project might be late due to employee turnover” Good. This states both the cause and the problem

10. CSE7315M25 Slide # 10 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Other Examples “Lack of familiarity with the language” < states a cause but no problem “Incorrect software due to lack of familiarity with the language” < states a product problem and a cause “Fail to meet schedule due to lack of familiarity with the language” < states a project problem and a cause

11. CSE7315M25 Slide # 11 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved How to State an Opportunity Indicate the benefit and the cause – “The project might be ahead of schedule” This doesn’t say much. Why might it be ahead? – “There might be low employee turnover” So what? This states the cause but not the opportunity – “The project might be ahead of schedule due to lower than expected employee turnover” Good. This states both the cause and the potential opportunity/benefit

12. CSE7315M25 Slide # 12 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Other Examples “Staff have high familiarity with the language” < states a cause but no benefit “Fewer defects in software due to high familiarity with the language” < states a product opportunity and a cause “Project completes ahead of schedule due to high familiarity with the language” < states a project opportunity and a cause

13. CSE7315M25 Slide # 13 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Evidence Evidence is something tangible that gives you strong reason to believe there is a risk or an opportunity – Examples: Employee turnover has been lower than usual for the past 6 months Comments from estimating session indicate low confidence in estimate The process we’ve chosen is prone to having problems if requirements are unstable and the requirements document is being developed by inexperienced staff Few of our employees are familiar with the language we will be using on the project

14. CSE7315M25 Slide # 14 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Examples of Poor Evidence Poor evidence is typically based on speculation or supposition – Examples: The hardware developers might be late – >> Is there any specific reason to think they might be late or is this just supposition? I’ve seen this problem on previous projects – >> What leads you to believe this project will be the same? I don’t trust the estimators – >> Why not? Is there a tangible basis?

15. CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved CSE7315M25 Slide 15 August 13, 2006 The Risk Management Process 1) Risk Assessment (4 activities) 2) Risk Control (2 activities)

16. CSE7315M25 Slide # 16 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved 1) Risk Assessment (This is done as part of planning) A) Risk Identification - What are the risks? B) Risk Analysis - What is the likelihood & impact? C) Risk Prioritization - Which risks are most serious? D) Risk Planning & Mitigation - Minimizing impact - Planning contingency actions

17. CSE7315M25 Slide # 17 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Risk Management Plan Should Indicate … What process you have already followed to identify, analyze, prioritize, and mitigate risks – What risks you have identified And the evidence that you base this on – How you have analyzed these risks – How you have prioritized them – How you have mitigated them

18. CSE7315M25 Slide # 18 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved 2) Risk Control (This is done as part of project execution) A) Risk Monitoring - Watching to see if risks happen B) Risk Abatement - Counteracting risks - Taking contingency actions

19. CSE7315M25 Slide # 19 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved The Risk Management Plan Should Indicate … What actions you have already taken to identify, analyze, prioritize, and mitigate risks – What risks you have identified And the evidence that you base this on – How you have analyzed these risks – How you have prioritized them – How you have mitigated them

20. CSE7315M25 Slide # 20 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Risk Management Plan Should Also Indicate … What process you will follow during the project to control risks – How you will monitor them (this usually ties strongly to your measurement plan) – How you will abate risks (contingency plans, ongoing mitigation) And what process you will use to keep the plan up to date – Ongoing assessment, updating of plans, priorities, etc.

21. CSE7315M25 Slide # 21 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Risk Management Methods There are several recommended methods in the literature Here we will discuss two: -- Barry Boehm’s Method -- widely known -- very pragmatic approach -- combines assessment with control -- Dennis Frailey’s Method -- somewhat more comprehensive -- derived from DoD Standards for defense system software development

22. CSE7315M25 Slide # 22 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Top 10 Risks on Project Alpha 1. Staffing 2. Late Hardware 3. Requirements Definition 4. Real-time perf- Boehm’s Method of Risk Management (5 steps) Risk Assessment (steps 1-2): 1) Identify the top 10 risk items (identification, analysis and prioritization) 2) Present a plan to resolve each of the top 10 items (mitigation; planning for control)

23. CSE7315M25 Slide # 23 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Boehm’s Method (continued) Risk Control (steps 3-5): 3) Update the list and the plan monthly (monitoring) 4) Highlight the risk items at monthly project reviews (monitoring) 5) Initiate corrective action for risks that occur ( abatement) [6) Follow-up until the issue is resolved]

24. CSE7315M25 Slide # 24 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Frailey’s Method of Risk Management (11 steps) Risk Assessment (steps 1-7) – Identification (Step 1) – Analysis (Step 2- 4) – Prioritization (Step 5) – Planning (Step 6,7) Risk Control (steps 8-11) – Monitor (Step 8, 10) – Abatement (Step 9) – Planning (Step 11)

25. CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved CSE7315M25 Slide 25 August 13, 2006 Risk Assessment Frailey Method (steps 1-7)

26. CSE7315M25 Slide # 26 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved 1) Identify all Risk Elements (risk identification) Risk Elements consist of: – things that can go wrong – patterns of risk change over the lifecycle for example, cost estimating risks occur early, whereas risks of staff burnout occur later If it has already happened, or is certain to happen, it is a problem, not a risk! – You should be discussing your action plan for managing the problem

27. CSE7315M25 Slide # 27 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Notes Most initial risk identification is performed as a part of other planning processes (see the previous chapters in these notes) But it is also good to have a pro-active event (risk identification meeting) attempt to identify all risks in case something “fell through the cracks”

28. CSE7315M25 Slide # 28 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Risk Identification Meeting A supplementary meeting to identify risks – Some may have been overlooked – The meeting also helps to focus attention on risk issues Identify the patterns of risk – Risk patterns change over the lifecycle – For example, cost estimating risks occur early, whereas risks of staff burnout occur later

29. CSE7315M25 Slide # 29 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Recall How All Planning Activities Identify Risks Manage Risks Define the Approach Generate Detailed Plans Understand the Need Execute and Monitor

30. CSE7315M25 Slide # 30 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved 2) Partition Into Categories (Analysis) Sample Categories: -- cost risks -- schedule risks -- other management risks -- technical risks -- other risks specific to the situation, such as safety or security risks One Risk may have multiple categories – Estimating inaccuracies can lead to cost and schedule risks

31. CSE7315M25 Slide # 31 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Why Partition Into Categories? Risks may need to be prioritized as demanded by the situation – “continue at any cost” vs. “only do if low cost” Different categories of risks may require different mitigation approaches – Technical risks may require performance analysis – Schedule risks may require process changes

32. CSE7315M25 Slide # 32 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Other Reasons to Partition Risks into Categories Different people may be concerned about different risks – Technical lead vs. – Finance manager vs. – End user waiting for delivery Different people may be responsible for different risks

33. CSE7315M25 Slide # 33 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved 3) Identify Contributing Factors (Analysis) Many risks can occur in several ways (from several causes) If you aren’t careful, you will only be looking for one of the ways

34. CSE7315M25 Slide # 34 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Example of Multiple Contributing Factors Risk: Not enough memory to hold the software Possible Contributing Factors (causes): Size of computer memory is too small Expertise of programming staff too low Inefficiency of compiler Choice of algorithms – too large Operating system requires too much space

35. CSE7315M25 Slide # 35 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Using a Hierarchy of Contributing Factors Each risk can be seen as a contributing factor to a larger risk The top level risk is that the project will fail Sometimes it helps to use a hierarchy to organize risks and contributing factors (See next slide)

36. CSE7315M25 Slide # 36 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved A Sample Risk Hierarchy StaffingFunding... Processor Too Slow... Size of Memory Programming Experience Compiler Efficiency Choice of Algorithms Memory Too Small Performance Failure Project Failure This may still not be detailed enough to take action

37. CSE7315M25 Slide # 37 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved 4) Identify Potential Risk Monitoring & Mitigation Plans (Analysis) This must be done for each contributing factor See next slides for examples

38. CSE7315M25 Slide # 38 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Potential Risk Mitigation Plan Risk: memory size inadequate Factor: Compiler produces bloated code Potential mitigation: Choose a more efficient compiler Negotiate improvements with vendor Factor: Inexperienced programmers Potential mitigation: Training program Use more experienced programming staff

39. CSE7315M25 Slide # 39 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Multiple Risks with One Approach Risk: memory size inadequate Factor: Compiler produces bloated code Factor: Inexperienced programmers Potential mitigation that applies to both: Select a larger memory size Potential monitoring that applies to both: Track size estimates monthly Update at each major milestone

40. CSE7315M25 Slide # 40 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved 5) Rank and Prioritize Each Risk (Prioritization) Prioritize on the basis of probability (how likely) and impact You cannot prevent all risks - focus on the big ones

41. CSE7315M25 Slide # 41 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved 6) Identify Monitoring Procedures for Each Risk (Planning for control) Determine how to tell if it is a problem; how frequently to monitor; etc. Example: monitor projected size vs. memory limits on a monthly basis

42. CSE7315M25 Slide # 42 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved 7) Develop a Contingency Plan (Planning) Identify what to do if the risk occurs despite your mitigation efforts Risk: memory size exceeded Contingency Plan: Switch to a slower but smaller algorithm Use a more efficient compiler Use a smaller operating system Use larger memory size

43. CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved CSE7315M25 Slide 43 August 13, 2006 Risk Control Frailey Method (steps 8-11)

44. CSE7315M25 Slide # 44 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Review Status and Take Action (Steps 8, 9) 8) Review status of risks at periodic reviews (Monitor) – Metrics – Changes in impact analysis 9) Take appropriate action when called for (Abatement) – Closer monitoring – Contingency activities

45. CSE7315M25 Slide # 45 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved “Do Your Homework” (Steps 10, 11) 10) Track all actions to closure (Monitoring) – Don’t forget about them 11) Update the plan (Planning) – Keep it consistent with current knowledge and status – Risks and their priorities will change as you progress through the project

46. CSE7315M25 Slide # 46 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Whatever Method You Use It should be possible to see a thread for each identified risk: – Risk – Risk Factors / Causes (there may be many) – Evidence – Priority – Mitigation – Monitoring – Contingency

47. CSE7315M25 Slide # 47 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Beware of Subcontractors and Co-contractors Risk management applies to these as well Include risk management elements in contracts We want to monitor your risks Just trust us

48. CSE7315M25 Slide # 48 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved The Risk Management Process In Detail (next module) Risk Assessment – Risk Identification – Risk Analysis – Risk Prioritization – Risk Planning & Mitigation (contingency planning) Risk Control – Risk Monitoring – Risk Abatement

49. CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved CSE7315M25 Slide 49 August 13, 2006 Risk Examples

50. CSE7315M25 Slide # 50 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Risk Example #1 “Getting Started on the PC” To be subcontracted Need: something that will make our PC stand out to new users -- must have pizzazz Risk Identification: Vendor A: best product, positive attitude, but in financial jeopardy Vendor B: mediocre product, sound finances, blasé attitude

51. CSE7315M25 Slide # 51 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Analysis and Prioritization Only vendor A can do the job – Mediocre product will not fill the bill But the whole project could fail if they go out of business prematurely

52. CSE7315M25 Slide # 52 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Risks and Mitigation Product must appeal (“flash and dash”) – End user tests, focus groups Deadline is very short – Incentive clause – Incremental deliveries Vendor financial instability – Ownership of key resources if they fail – Weekly deliveries of in-progress work – Monthly visits to site

53. CSE7315M25 Slide # 53 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved The Risk We Overlooked! The biggest problem turned out to be our own technical staff – They distrusted the results of focus groups with real end-users – They did not provide enough “ease of use” features, even though the subcontractor and the focus groups recommended this

54. CSE7315M25 Slide # 54 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Risk Example #2 Embedded Flight Control Software Need: high performance, embedded, real-time software for flight control Risk Identification: Memory size very limited - might not be enough – Compiler is new – Requirements are unstable Processor may be too slow for all desired features Shortage of programmers for this processor Schedule might be hard to meet - very tight

55. CSE7315M25 Slide # 55 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Risk Mitigation - Memory Size Compiler Performance – Evaluation of alternatives before selecting – Backup vendor (different host system) – Assembly language option Requirements Stability – Evolutionary lifecycle with prototype – Strong requirements control Other – Design hardware to allow larger memory – Use a smaller operating system

56. CSE7315M25 Slide # 56 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Risk Mitigation - Processor Speed Prototype of key algorithms Design to allow faster clock Plan to monitor performance regularly, starting with simulation of design model Consider alternative processor design Consider use of multiple processors

57. CSE7315M25 Slide # 57 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Risk Mitigation - Staff Experience List of programs we can borrow people from Training plan Prototype on target hardware, for experience

58. CSE7315M25 Slide # 58 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Risk Mitigation - Schedule Incremental delivery negotiated with customer Do operating system first – Relatively stable – Can start before requirements for application are complete – Development work provides target processor experience for staff

59. CSE7315M25 Slide # 59 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Opportunities An opportunity is the opposite of a risk – Example: we might relieve schedule pressure by reusing the data communication modules from another project Opportunities can be analyzed the same way that risks can Many organizations to risk / opportunity planning, analysis, etc. together as one activity

60. CSE7315M25 Slide # 60 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Opportunity Example We might be able to use the wireless internet software from another project – Evidence: A newly hired developer used to work at a company that did similar software and might sell it to us – Action: Contacted the company, negotiated a price and consulting support, used the software – Result: Saved $3Million and 2 months

61. CSE7315M25 Slide # 61 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Summary of Module 1) Risk Assessment – Done as part of project planning – Continues throughout the project – Includes planning for risk control 2) Risk Control – Done as part of project execution – You must respond promptly when monitoring indicates a problem A risk management plan is an important part of planning

62. CSE7315M25 Slide # 62 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved Possible Exam Questions  Explain the difference between risk mitigation and risk abatement  Explain why a risk management plan should be documented  Explain why a risk management plan should be periodically revisited  Explain why one would go to all the trouble to write a risk management plan when it tells your manager and your customer that you have a risky project

63. CSE7315M25 Slide # 63 August 13, 2006 CSE 7315 - SW Project Management / Module 25 - Risk Management Overview Copyright © 1995-2006, Dennis J. Frailey, All Rights Reserved END OF MODULE 25