What is Risk ? Risk is defined as "The possibility of suffering harm or loss; danger." Even if we're not familiar with the formal definition, most of us have an innate sense of risk. We are aware of the potential dangers that permeate even simple daily activities, from getting injured when crossing the street to having a heart attack because our cholesterol level is too high. Although we prefer not to dwell on the myriad of hazards that surround us, these risks shape many of our behaviours. Experience (or a parent) has taught us to look both ways before stepping off the curb and most of us at least think twice before ordering a steak. Indeed, we manage personal risks every day. Risks in Software Project Management Unlike the hazards of daily living, the dangers in the young and emerging field of software engineering must often be learned without the benefit of lifelong exposure. A more deliberate approach is required. Such an approach involves studying the experiences of successful project management as well as keeping up with the leading writers and thinkers in the field. Here are some points that can be associated to Software Risk Management:
Further Study While the essence of effective risk management is based in common sense and is employed to some degree in good project management practices everywhere, many formal techniques, methods, and tools can be used to enhance our abilities to deal with risks.
IBC Europe utilises and implements such techniques and tools which span traditional areas such as cost estimating and quality assurance to less traditional ones such as organisational behaviour and personal risk aversion.
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