RISK ANALYSIS & MANAGEMENT
Any uncertainty event (Flood, fire, rains) or condition(unavailable of resources or theft) that may impact the cost, technology, scope, time, quality is risk analysis.
Risk analysis is done to determine how much more the project carries more risk and if the organisation has the capacity to support or afford the risk.
Risk Identifications :
Its identified in the form of Operational risk, technology risk, financial risk, business risk, skill risk.
Its done to identify the probability of occurrence.
Risk Response Planning :
Identifying to reduce the probability of occurrence of risk.
Taking necessary steps for avoiding the risk.
Risk Avoidance :
Not to take any advantage of new opportunities.
Risk Rating :
Its calculated in terms of cost, time ,technology, scope.
Change of Requirement.
Avoidance, Assessment, Transfer, Mitigation.