Benefits of Software Risk Management

A risk management process provides a number of benefits to the project team.
•    First, it gives a structured mechanism to provide visibility into threats to project success. By considering the potential impact of each risk item, we can make sure ‘to control the most sever risks first.

•    Without a formal approach, we cannot ensure that our risk management action will be initiated in a timely fashion, completed as planned, and effective. The net result of these activities is to help avoid preventable surprises late in the project, and – therefore improve the chance of meeting our commitments.

•    The entire development organization also enjoys benefits from risk management. Sharing what does and what does not work to control risks acres multiple projects helps projects avoid repeating the mistakes of the past.

•    Member of the organization can pool their experience and identify opportunities to control our most common risks, though education, process improvement , and application of improved software engineering and management techniques. Over time, you can build a checklist of risk items and mitigation strategies from multiple – projects that can help future projects look for the vipers that might be lurking underfoot.

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