Risk assessment is a term used to describe the overall process or method where you: Identify hazards and risk factors that have the potential to cause harm (hazard identification). Determine appropriate ways to eliminate the hazard, or control the risk when the hazard cannot be eliminated (risk control).
Types of Risk Assessment In Software Project Management
New, unproven technologies
The majority of software projects entail the use of new technologies. Training and knowledge are of critical importance, and the improper use of new technology most often leads directly to project failure.
User and functional requirements
Software requirements capture all user needs with respect to the software system features, functions, and quality of service. Too often, the process of requirements definition is lengthy, tedious, and complex.
Application and system architecture
Taking the wrong direction with a platform, component, or architecture can have disastrous consequences. As with the technological risks, it is vital that the team includes experts who understand the architecture and have the capability to make sound design choices.
It’s important to ensure that any risk management plan encompasses user and partner expectations on performance. Consideration must be given to benchmarks and threshold testing throughout the project to ensure that the work products are moving in the right direction.
Organizational problems may have adverse effects on project outcomes. Project management must plan for efficient execution of the project, and find a balance between the needs of the development team and the expectations of the customers.