Risk Management - Essay Example

Risk Management Risk management is a critical aspect in any sector. In the area of software project management, this is a vitalstrategy for it ensures that information is maintained without exposing it to people that may have negative motives. There are different techniques that can be incorporated to ensure that the various risks posed do not take place. One of these techniques is variation on the fishbone. The fishbone works where there is the analysis of the various problems that the system may have had or that it has at the time.

After this, there is the critical analysis of the risks that may occur and then try determining the major reasons why the particular risks might take place. These risks are then incorporated in the bones of the “fish” (Lin, 2009). This is effective as it assists the person carrying out the analysis understand the critical threats that exist and thus work to eliminate all the risks starting with these ones. This method is effective in reducing the running costs because there is the prior identification and elimination of the risks.

There is also the qualitative risk identification and assessment. In this, there is the red light and green light rating where there is the analysis of the risks that will have the greatest impact. After this, there is the analysis of the major project objectives where there is then the changing of the various features regarding the goals where they can be altered (Lin, 2009). This is helpful in that it reduces the amount of defects that may occur. Urgency assessment in identification assists in understanding where along the project continuation the risk may occur.

Scheduled delays are the ones best resolved through this method of risk identification and assessment. ReferenceLin, S. (2009). Issues in Computer Science and Theory. Chicago: Chicago University Press.