An uncertain event (fire, flood, rain) or condition (unavailability of resources) that might impact on either cost, time, scope or quality. Risk analysis is done to determine if the proposed project carries more risk than the organization’s capacity to support.
- Risk Identification
- Risk Assessment
- Risk Response Planning
- Risk Avoidance
- Risk Rating
Risk Identification: It is the process to identify the business, financial, technological and operational risks.
Risk Assessment: It is the process to identify the probability of occurrence of each identified risk. BA’s have been given tasks to arrive at a consensus for each identified risk item.
Risk Response Planning: This includes the planning that reduces the probability of occurrence of risk. The response planning helps in determining the conditions against which the required actions can be.
RISK: Change in requirements- Requirements are inherit to change always requirements are prone to change taken. It helps the organization to deal with risk. This planning includes:
Risk Avoidance: It is the process of not performing risk causing activities. Risk avoidance can be defined as being idle during the occurrence of risks and doing nothing to take advantage of the new opportunity.
Risk Rating: Each identified risk is rated before moving it to rectification process. This process is called risk ratings. The overall risk ratings are calculated in terms of cost , time , quality of the solution.