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Milav Dabgar
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Milav Dabgar
Experienced lecturer in the electrical and electronic manufacturing industry. Skilled in Embedded Systems, Image Processing, Data Science, MATLAB, Python, STM32. Strong education professional with a Master’s degree in Communication Systems Engineering from L.D. College of Engineering - Ahmedabad.
Lecture 34: Risk Management - Risk Control

Lecture 34: Risk Management - Risk Control

Unit 4: Software Project Management (4353202)

Lecture Agenda

  • Recap of Risk Assessment
  • What is Risk Control?
  • Risk Response Strategies
  • Risk Monitoring
  • Risk Mitigation Planning
  • Key Takeaways

Recap of Risk Assessment

Risk Assessment involves evaluating the probability and impact of identified risks to determine their severity and prioritize them, often using tools like a Risk Matrix.

What is Risk Control?

Risk Control (also known as Risk Response Planning and Risk Monitoring) is the process of developing options and actions to enhance opportunities and to reduce threats to project objectives.

It involves deciding on a course of action for each identified and assessed risk.

Risk Response Strategies

Once risks are assessed, a strategy must be chosen for each. These strategies aim to either prevent the risk from occurring or minimize its impact.

  • Avoidance: Eliminating the threat or risk by removing its cause. (e.g., changing scope, using proven technology)
  • Mitigation: Reducing the probability or impact of a risk event to an acceptable threshold. (e.g., conducting more testing, training staff)
  • Transfer: Shifting the responsibility for the risk to a third party. (e.g., insurance, outsourcing)
  • Acceptance: Deciding to take no action and deal with the consequences if the risk occurs. (e.g., for low-impact, low-probability risks)

Risk Monitoring

Risk Monitoring is the process of tracking identified risks, monitoring residual risks, identifying new risks, and evaluating the effectiveness of risk response plans throughout the project.

  • Activities: Regular review meetings, tracking risk indicators, updating the risk register.
  • Purpose: To ensure that risk responses are effective and to identify any new or changing risks.

Risk Mitigation Planning

For each significant risk, a detailed mitigation plan should be developed. This plan outlines the specific actions to be taken to reduce the risk.

Components of a Mitigation Plan:

  • Trigger: What event indicates the risk is about to occur or has occurred?
  • Response Actions: Specific steps to take.
  • Owner: Who is responsible for executing the plan?
  • Resources: What resources are needed for the response?
  • Contingency Plan: What to do if the primary mitigation fails.

Key Takeaways

  • **Risk Control** involves developing strategies and monitoring risks.
  • Main strategies are **Avoidance, Mitigation, Transfer, and Acceptance**.
  • **Risk Monitoring** is crucial for tracking risks and effectiveness of responses.
  • Effective risk control leads to **proactive problem-solving** and **improved project success**.

Next Unit

Unit 5: Software Coding and Testing

First Lecture: Code Review Techniques (Walk-through & Inspection)

Q & A

Questions & Discussion