Software Risk Management

Author: 
Linda Westfall
Date Published: 
01/03/2002

There are many risks involved in creating high quality software on time and within budget.  However, in order for it to be worthwhile to take these risks, they must be compensated for by a perceived reward.  The greater the risk, the greater the reward must be to make it worthwhile to take the chance.  In software development, the possibility of reward is high, but so is the potential for disaster.  The need for software risk management is illustrated in Gilb’s risk principle.  “If you don’t actively attack the risks, they will actively attack you" [Gilb-88].  In order to successfully manage a software project and reap our rewards, we must learn to identify, analyze, and control these risks.  This paper focuses on the basic concepts, processes, and techniques of software risk management.

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