Software risk is a problem that could cause some loss or threaten the success of a software project, but which hasn’t happened yet. These potential problems might have an adverse impact on the cost, schedule, or technical success of the software project, the quality of software products, or project team moral.

Risk management is the process of identifying addressing, and eliminating these problems before they can damage the project, Risk in a project or program is a measure of the inability to achieve objectives within cost, schedule, and constraints.

Categories of Risk

Risks can be categorized as follows:
•    Project risks – risks that threaten the
Project (or the project schedule).
•    Product risks – risks that threaten the
quality of the software developed.
•    Business risks – risks that threaten the development (or client) organization.

Software development projects are subject to many risks, including:
•    Poorly defined requirements
•    Client requirements changes
•    Poor techniques for cost estimation
•    Rapid technological changes (i.e. a project can become obsolete before it is even completed)
•    Dependence on skills of individual developers
•    Extreme mobility of developers, etc.

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