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Risk Analysis: Process of determining the probability and impact of a risk.

Risk Management: The group of processes used to identify, analyze, and respond to risks.

Risk analysis and management are a series of steps that help a software team to understand and manage uncertainty. Many problems can plague of software project. A risk is a potential problem; it might happen, it might not. But regardless of the outcome, it's a really good idea to identify it, assess its probability of occurrence, estimate its impact, and establish a contingency plan should the problem actually occur. The key to managing risks is to build contingency plans for risk and to build enough time into your project schedule to mitigate risks that you do not know about.

Project Risk Management:

Any work, that is done will always have some uncertainties that give rise to project risks, which need to be managed. A project risk is an event that, if it occurs, has a positive or negative effect on meeting the project objectives. The primary purpose of project risk management is to identify the risks and respond to them should they occur.

Project risk management includes the following:

1. Plan risk management - Decide how to determine and execute the risk management tasks.

2. Identify risks - Identify the potential risks relevant to the project at hand and determine the characteristics of those risks.

3. Perform qualitative risk analysis - Assess the probability of occurrence and the impact for each risk in order to prioritize risks for an action or for further analysis.

4. Perform quantitative risk analysis - Estimate the effects of identified risks on project objectives.

5. Plan risk responses - Develop action options for risks to maximize opportunities for and minimize threats to satisfying project objectives.

6. Monitor and control risks - Track identified risks, implement risk response plans, identify new risks, and evaluate the effectiveness of risk management processes throughout the project.

The goal of risk management is to help meet the project objectives and to help avoid/handle situations that might compromise the project schedule or outcome.

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Q: What is risk analysis and risk management in software projects?
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Software development management is the process of overseeing work that encompasses five areas. These areas are risk, requirement, change, software configuration, and release.


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In spiral model the main emphasis is on the management to evaluate and resolve risks in the software project. There is no maintenance phase in spiral model because instead risk is evaluated .

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