COMP3120_15_Risk_Management_2010_v1

COMP3120_15_Risk_Management_2010_v1 - MANAGING SOFTWARE...

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MANAGING SOFTWARE DEVELOPMENT COMP 3120 Risk Management Chris Johnson, Elisa Baniassad, Mark Grundy
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Outline Introduction Basics Definitions AS/NZS 4360: Australian Risk Mgmt Standard PMBOK risk management processes: 1. Plan Risk Management 2. Identify Risks 3. Perform Qualitative Risk Analysis 4. Perform Quantitative Risk Analysis 5. Plan Risk Responses 6. Areas of concern What can go wrong Conclusions
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Introduction Take calculated risks. That is quite different from being rash (George S. Patton) Necessity is the mother of taking chances (Mark Twain) Go out on a limb. That s where the fruit is (Jimmy Carter)
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Basics Managing risks involves Managing risks involves threats threats opportunities opportunities , , and requires: and requires: Rigorous thinking Rigorous thinking Forward thinking Forward thinking Balanced thinking Balanced thinking Accountability in decision Accountability in decision - - making making Communication Communication The alternative to risk management is risky management
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Risk: Risk: The chance of something happening that will have an impact on The chance of something happening that will have an impact on objectives risk = consequences x likelihood objectives risk = consequences x likelihood Consequence: Consequence: Outcome or impact of an event Outcome or impact of an event Hazard: Hazard: A source of potential harm A source of potential harm Likelihood: Likelihood: A probability or relative frequency of occurrence of an event A probability or relative frequency of occurrence of an event Loss: Loss: Any negative consequence or adverse effect Any negative consequence or adverse effect Probability: Probability: A measure of the chance of occurrence expressed as a number A measure of the chance of occurrence expressed as a number between 0 and 1 between 0 and 1
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This note was uploaded on 10/12/2010 for the course CSIT COMP3120 taught by Professor Markgrundy during the Three '10 term at Australian National University.

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COMP3120_15_Risk_Management_2010_v1 - MANAGING SOFTWARE...

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