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A Risk is a possible event that may impact the outcome of a project.
All Risks are identified during the Inception Phase and a Risk List is developed which includes mitigations and contingencies plans for each Risk. Usually, a Risk List identifies up to 20 areas of concern.
You select a strategy for addressing each Risk and the Scope, Cost, and Schedule are adapted according to Risk response plans.
Besides this formal procedure of Risk Strategies acceptance we conduct a full-scale risk management in each Iteration, including risk identification, analysis, and response planning.
- Risk is the best manager for project team, Risk leads the team
- Risks are maintained, sorted and prioritized in Risk List
- Risk response plans increase project cost while increasing success probability
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Citation from our software development contract: Risk is an uncertain event or condition that, if it occurs, extends the Baseline. Risk includes risk trigger, contingency reserve for schedule and cost, contingency plan, probability, and impact on the Baseline.
Last update on Feb 22, 2010