Principles of Risk Management and Paradigm in C++

Risk Management is the approach that is used to manage all available resources and make the best use of the resources available in the system.

The project manager will analyse risks from all categories and there might be some risks in the working of the project in the runtime environment.

Principles of Risk Management

There are 5 basic principles of Risk management. They are:

  • GLOBAL PERSPECTIVE: This risk analysis of software in context of system and business problems planned to be solved. This analysis takes underconsideration the larger system definition, design and implementation.
  • FORWARD LOOKING VIEW: This analysis considers all possible solutions to future risks to the product. Here, we plan about all the risk management that might be crossed in the future.
  • OPEN COMMUNICATION: Establishing a great communication between end users and the team of developers to clear issues about all risks.
  • INTEGRATED MANAGEMENT: This phase of risk management adds the risk management to the project management i.e. integrate it to the software development lifecycle.
  • CONTINUOUS PROCESS: The risk managements are continuously identified to avoid failures. New modified risks are identified and information about, it is extracted and added to get a better insight on the risks on the software.

Risk management Paradigm

Risk management is a continuous process that goes on throughout the software development in order to trackdown all risks.

Here’s a picture illustrating the Risk management Paradigm. 

Here are the phases of the risk management paradigm:

  • Identify: In this phase, identification of risks is done to avoid future problems. Controlling risk is a far easier process than solving the problem.
  • Analyze: In this phase, we need to analyze the risk to extract information on nature, behavior and type of risk. It extracts knowledge about the risk to extract better solutions.
  • Plan: In this phase, the actual implementation of the plans. Here, we take actions and implementation of planning and plans are made and executed.
  • Track: In this phase, we track actions that are required for removal and minimization of the risk.
  • Control: In this phase, we will check the risk management techniques and make necessary actions to make the risk management better.
  • Communicate: the last phase of the risk management paradigm is to discuss all the risk management processes with the development and testing team.

Updated on: 27-Jan-2021


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