Risk Estimation And Reliability For Project Development

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Executive Summary: Risk is a potential problem which means there is an uncertainty in the occurrence of a problem. Because of this uncertainty it is hard to find whether a particular event is going to be negative impact on the project. Risk can also be defined as the probability of suffering loss. Risks can be categorized into the following subparts: i. Project Risks: These risks affects the project plan thereby negatively affect the project schedule thereby increasing the project costs. ii. Technical risks: These risks affects the quality and timeliness of the project which will make the implementation more difficult. iii. Business risks: These risks occur only if the above risks become real thereby affecting the product or project as a whole. iv. Predictable risks: These risks can be known or predicted from past experience. v. Unpredictable risks: These risks are extremely difficult to predict beforehand. This project covers the risk estimation and reliability for project development. While developing a software project, it always contains a high probability of failure which means in effective software development we have to deal with risks adequately. Here we are using risk index, risk analysis and risk assessment to estimate the software risk. Risk Index: Risk Index can be classified into two factors: 1. by the impact of risk events 2. Probability of occurrence Risk index is described as the multiplication of impact and probability of occurrence. Depending on the impact and occurrence risk index can be classified as low medium and high. In the project we use risk index for the prioritization of risks. Introduction: Risks in software is an unavoidable situ... ... middle of paper ... ... adversely affect the scheduled estimates. In order to eliminate risks we have to anticipate the risks in the project at the early stage of development. In a way to systematically analyze risks, the risk is categorized into different categories: • Project risks • Technical risks • Business risks Risk Estimation Approach: Project risk estimation techniques are important. Several project risk assessments and estimation techniques like CPM, PERT, Monte Carlo Simulation and ACO are used in research today. There are several risk management steps and tools. Some of the main risk management steps are the following: 1. First we need to establish goals and context 2. Then identify the risks 3. Analyzing the identified risks 4. Assessing or evaluating the risks 5. Treating or managing the risks 6. Monitoring and reviewing the risks and the risk environment regularly.
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