Risk Mitigation, Monitoring and Management Plan (RMMM)

Software Risk is an expectation of loss, a potential problem that may or may not occur in the future. It is generally caused due to lack of information, control or time.

RISK – Possible loss or problem (Specifically in S/W development process)
MITIGATION – Efforts or Process to overcome the Risks or reduce the impact. (Comes after Avoidance Scenario)
MONITORING – Check to ensure effective execution (Observation)
MANAGEMENT – The subtle are of dealing with the risk and keep moving forward

1. RISK MITIGATION MONITORING & MANAGEMENT (RMMM) RISK ANALYSIS Navjyotsinh Jadeja www.edtechnology.in

2. What is RMMM Software Risk is an expectation of loss , a potential problem that may or may not occur in the future. It is generally caused due to lack of information, control or time . RISK – Possible loss or problem ( Specifically in S/W development process ) MITIGATION – Efforts or Process to overcome the Risks or reduce the impact. (Comes after Avoidance Scenario) MONITORING – Check to ensure effective execution ( Observation ) MANAGEMENT – The subtle are of dealing with the risk and keep moving forward

3. RMMM Cont. A software risk can be of two types internal risks ( that are within the control of the project manager ) & external risks ( that are beyond the control of project manager ) Risk management is carried out to: IDENTIFICATION OF RISK REDUCE THE IMPACT REDUCE THE REPETITION OR LIKELIHOOD RISK MONITORING

4. RMMM Cont. Software Project Risk Management comprises of following processes: Risk identification Identify project, product and business risks; Risk analysis Assess the likelihood and consequences of these risks; Risk planning Draw up plans to avoid or minimise the effects of the risk; Risk monitoring Monitor the risks throughout the project;

5. RISK MANAGEMENT PROCESS:

6. Programming way of Understanding // RISK AVOIDANCE STATERGIES If (RISK== Found) { MITIGATE RISK MOTINOR RISK } Else // RISK IS UNAVOIDABLE { RISK MANAGEMENT }

7. Other Parameters to consider As Risk analysis is very important aspect . While doing Risk Identification and Analysis, there are several other parameters needs to be considered. Those parameters are : Complexity of the problem (In technical Risks category) Impact of the Risk HIGH LOW MEDIUM With impact we mean the consequence of a risk in case it happens

8. RISK CATEGORIES SOFTWARE RISKs can be of several types. Here listed are the Broader categories of Risks PRODUCT RISK PROJECT RISK BUSINESS IMPACT RISK

9. USEFUL TOOLS FOR RISK MITIGATION Brain storming Bench marking Cause and Effect Diagram Pareto Analysis

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