CS605 Final Term Short Notes Lectures 19-45

CS605 Short Notes final term · Lec 19 to 45 · Website Link: · Important Note

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آپ کو کجھی ثھی وہی جواة کبپی پیسٹ نہیں کرنب · چبہیے جو ہن فراہن کر رہے ہیں۔ ثراہ کرم حل · فبئل هیں کچھ تجدیلیبں کریں۔ اگر آپ ہوبرے · کبم کی تعریف کرتے ہیں تو ثراہ کرم ہوبری ویت · ک و اپنے دوستوں کے · سبتھ شیئر کریں · Lecture No. 18 Risk analysis and management · Risk analysis and management

Analysis and management of project risks is also a very important activity that a project manager must perform in order to improve the chances for the project. Robert Charette defines risk as follows:

‘‘Risk concerns future happenings. Today and yesterday are beyond active concern. The question is, can we, therefore, by changing our action today create and opportunity for a different and hopefully better situation for ourselves tomorrow. This means, second, that risk involves change, such as changes in mind, opinion, action, or places. … *Third,+ risks involve choice, and the uncertainty that choice itself entails.’’

Risk analysis and management involves addressing the following concerns:

1. Future – what risks might cause the project to go awry
2. Change – what change might cause the risk to strike , How changes in requirements, technology, personnel and other entities connected to the project affect the project
3. Choice – what options do we have for each risk

In Peter Drucker words:

While it is futile to try to eliminate risk, and questionable to try to minimize it, it is essential that the risk taken be the right risk there are two basic risk management philosophies, reactive and proactive.

Reactive

•  Indiana Jones school of risk management
•  Never worrying about problems until they happened, and then reacting in some heroic way – Indiana Jones style.

Proactive

•  Begins long before technical work starts
•  Risks are identified, their probability and impact are analyzed, and they are ranked by importance.
•  Risk management plan it prepared Primary objective is to avoid risk Since all risks cannot be avoided, a contingency plan is prepared that will enable it to respond in a controlled and effective manner

Risk characteristics:

A risk has two characteristics:

Uncertainty – the risk may or may not happen Loss – if the risk becomes a reality, unwanted consequences or losses will occur. Lecture No. 19 Types of Risks

Project risks

Impact schedule and cost Includes budgetary, schedule, personnel, resource, customer, requirement problems

Technical risks

Impact the quality, timelines, and cost Implementation may become difficult or impossible Includes design, implementation, interface, verification and maintenance problems Arise due to leading edge technology

Business risks

Marketability Alignment with the overall business strategy How to sell Budget or personnel commitments

Identify known and predictable risks Generic risks and product specific risks Generic risks – threats to every project Product specific risks – what special characteristics of this project may threaten your project plan? Risk item checklist

Risk Item Checklist

Product size Business impact Customer characteristics Process definition Development environment Technology to be built Staff size and experience Questions relevant to each of the topics can be answered for each software project

Assessing Overall Project Risks