|Risk Management (RM) is the process
of assessing risk, taking steps to reduce risk to an acceptable level and
maintaining that level of risk. It also refers to the process of accepting,
transferring, or mitigating risk.
Risk Management activities include
documenting and identifying project risks; analysis, assessment, and
prioritization of those project risks; and laying out plans to implement actions
to reduce the project risks throughout the project's life cycle.
Risk Management planning provides a
control mechanism to monitor, report, and direct all risk mitigation activities.
Risk management is initiated during the System Concept Development Phase and
continues through all subsequent phases.
* Risk Categories
* Product Size
* Business impact
* Customer characteristics
* Process definition
* Development environment
* Technology to be built
* Staff size and experience