Risk Management: How Was The Risk Mitigated? (Book Report Sample)
Assignment: Find a scholarly article that discusses either (1) how the design of a product or system incorporated (or was modified or enhanced to include) features or subsystems that mitigate the risks associated with manufacturing, operating, maintaining, or disposing of that product or system or (2) a process for mitigating product or system development project risks.
The article must be in English and have appeared in a peer-reviewed scholarly journal since 2007.
Every student must discuss a different paper; claim your paper on the Risk management paper signup.
Submit a short, professional report that cites your article and answers (based on the information in the article) the following questions (answer each question in a single section of your report):
1. What is the risk that is being mitigated? Describe the specific chain of events that would lead to undesirable consequences.
2. How was the risk mitigated? Describe the features of the product or system that minimize its likelihood or reduce the consequences (or how the process mitigates these risks).
3. Was this the most appropriate way to mitigate this risk? Describe the advantages and disadvantages of this solution and possible alternatives. Include a table of the alternatives and their attributes. Would you have chosen the same solution to mitigate the risk?
Please also submit an electronic copy of the paper you read.
Risk management is a process which involves identifying, prioritizing and managing of risks followed by coordinating and applying resources for economical use to ensure that there are monitoring, minimization, and control of the impacts and probability of events that are unfortunate. Risk mitigation is the process that ensures that the correct steps are taken to ensure that there is a reduction of the adverse effects on any event that may occur.
The point of focus of this study is the process of risk management in software development. Software development is usually associated with the use of a large variety of technological advancements that requires the possession of high knowledge levels from the personnel that is working on it.
There are a variety of risks that may occur during the process of software development. There is a different chain of events or factors that can lead to undesirable consequences during the process of software development. The main areas of software development that are prone to risks include;
System architecture and application: disastrous consequences can result from the taking of wrong directions in such aspects such as the architecture or component or a platform. The creation and making of the sound and correct decisions is an important factor that ensures the minimization of risks during software development.
Unproven and new technologies: there is a high chance of risks that may result due to the embrace of new technologies. New technologies are mostly associated with changing forms of techniques, tools, development, standards and protocols in systems. Risks and failure result from the improper use of such technology.
Functional and user requirements: software system service quality, features, and functions are developed in such a way they ensure that all the user needs are captured. Moreover, the requirement process is usually complex, lengthy and tedious. The user requirement modifications that result from the elemental requirement of changes do not equate to the functional requirements.
Risk management plan
A risk management plan should be created after the categorizing of risks. This is usually a response that is carried out in the event of the materialization of a risk.
Risk monitoring and mitigation
The monitoring of risks during software development needs to be integrated into the project activities to be effective. Monitoring requires the carrying ou...
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