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What is Risk?

Risk can be defined as the probability of an event, hazard, accident, threat or situation occurring and its undesirable consequences. It is a factor that could result in negative consequences and usually expressed as the product of impact and likelihood.

Risk = Probability of the event occurring x Impact if it did happen 

Risk Types:

In software terminology, the risk is broadly divided into two main categories:

acceptance testing in Test Life Cycle

Project Risks:

  • Supplier issues

  • Organizational factors

  • Technical issues

Product Risks:

Below are some of the product risks occurring in a LIVE environment:

  • Defect Prone Software delivered

  • The Critical defects in the product that could cause harm to an individual (injury or death) or company

  • Poor software Features

  • Inconsistent Software Features