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RISK ANALYSIS

A condition which can have impact on either cost, time scope or quality. Risk analysis is done to avoid the project failure from the risks that occur during the development of the project

The techniques followed in risk analysis are:

Risk identification:

The process to identify the type of risks. Risks are classified as business, technological and operational risks.

Risk assessment:

Business analyst have to know the occurrences of the identified risk, and should document the following risks

Risk response planning:

The planning should be made that reduces the occurrence of risk. The response planning helps in determining the conditions against which the required actions to be taken. The planning includes

  • Acceptance
  • Transfer
  • Avoidance
  • Mitigation

Risk Avoidance:

Particular measures to be taken for the avoidance of the risk, know the causes of the risks occurring and make respective charges to avoid the risks, like lack of resources, miscommunication between teams, Political risks.

Risk rating:

After identifying all the risks, rate them according to severity and move to the rectification process, the rating is done in terms of cost, time, and quality of the solution.

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