Summary

Software risk management is the formal process in which risk factors are systematically identified, assessed, and mitigated. The determination of the risk in a project either due to external or internal causes is a major part of project management. Risk management consists of risk identification, risk quantification, risk response development, and risk response control. To aid the project manager in risk determination and management, this chapter answered these questions:

• What is risk management?

• What are some risk management models?

• How are risks identified?

• How are risks analyzed and quantified?

• How are risk responses developed and risks controlled?

• What are the steps in developing a risk management plan?