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