What is Project Risk – How to Manage Them

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What is Project Risk – How to Manage Them -:
Risk is a possibility of uncertainty in future which may or may not be occurs. It is possibility of loss or damage due to an uncertain event or condition that, if it occurs, has an effect on at least one project objective. Project risk is related to management and control of the project.

It is possibility of negative outcomes.

How to manage Project Risk -:

To deal with project risk we can apply to identifying, prioritizing and managing product risk. Along with this deals we can have four typical options -:
1] Mitigate
2] Contingency
3] Transfer
4] Ignore
1] Mitigate -:
Advance steps taken to reduce the possible impact of project risk

2] Contingency -:
Having plan to reduce the impact should the risk becomes an outcomes.

3] Transfer -:
Convinces the team member or stakeholder to accept the impact of the risk.

4] Ignore -:
Impact of the risk is low and do nothing about the risk

Here are the other typical risks along with some options for managing them -;
1] Product quality problems the block tests -: Manage carefully planning, good defect triage and management and robust test design

2] Test items that won’t install the test environment -: Define installation and uninstallation process in detail

3] Excessive change to the product -: Avoid excessive changes that invalidates test results or require updates

4] Insufficient or unrealistic test environment -: Provide proper test environments which yield misleading results

5] Shortage of skilled people -: To achieve complexity of project organization needs to provide training to solve and responds to the problem.

6] Platforms or hardware failure -: Proper respond and guide to the issue when they arise

7] Technical problems and controlling -: Appoint capable, technical and efficient person to discuss and solve quality problems with the requirement, design, code or test

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