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Software Risk Management Planning Process

Objectives

Purpose of risk management planning is to identify project risks and their sources, Analyze their impacts and probability of occurrence, and define strategies to mitigate those risks.

Process Entry/Exit Criteria

Entry Criteria Exit Criteria
  • The pre-development schedule is prepared and approved.
  • Risks are identified, analyzed and prioritized.
  • Risk mitigation and contingencies approaches are defined.
  • Risk Management Plan is referred to in Project Plan

Process Inputs/Outputs

Inputs Outputs
  • Project Schedule (pre-development section)
  • Proposal/Statement of Work
  • Estimation Sheet
  • Risk Management Plan
  • Project Plan (Risk Management section)

Tasks

  1. Project Manager with the help of Development Team Lead and Quality assurance Team Lead identifies the project risks using risk taxonomy questionnaire provided in the Risk Management Plan template.
  2. Project Manager specifies the source and category of each risk
  3. Project Manager assigns impact and probability of occurrence to each identified risk following the Guidelines for Risk Management provided in the Risk Management Plan template.
  4. Project Manager calculates the exposure of each risk following the Risk Analysis guidelines are given in the Risk Management Plan template
  5. Project Manager decides the risk response technique according to risk exposure
  6. Project Manager defines approaches to avoid, mitigate or transfer a risk on the basis of the selected response technique.
  7. Project Manager defines contingency plan and trigger for contingency plan according to selected risk response technique.
  8. Project Manager assigns personnel for each risk as Risk Owner to implement mitigation as well as the contingency plan.
  9. Project Manager sends the risk management plan to the Development Manager for review and approval.
  10. Development Manager reviews the risk management plan and sends review comments (if any) to Project Manager.
  11. Project Manager updates and resubmits the risk management plan to the Development Manager.
  12. Development Manager approves the risk management plan and sends an approval email to Project Manager
  13. Project Manager communicates the defined action items to the assigned risk owners.
  14. During the course of a project, if a new risk is identified, Project Manager documents it in the Risk Management Plan and the whole process gets repeated

Guidelines for Risk Management Planning

  1. Reference of Risk management plan will also be provided in the Project Plan, as the Risk Management Plan is a sub-plan of overall Project Plan.
  2. Detailed guidelines of risk management planning are provided within the Risk Management Plan template