First of all, we will understand what is the risk?
“RISK is a potential future (uncertain) event in which we can get negative and undesirable results. Whose probability can range from 0 to 100% but this probability is not true. “
Types of software risks-
Software risk is of the following types: –
1. Management risks
2. Technical risks
3. Financial or budget risks
4. Schedule risks
5. Contractual & legal risks
6. Operational risks
1. Management risks: – The main reasons for this risk are as follows: –
* Not being able to plan properly.
* Management experience is low level and lack of training.
* Not getting proper communication.
* No solution for the issues of an organization.
* Lack of authority.
2. Technical risks: – The main reasons for this risk are as follows: –
* Continuous changes occur in needs.
* No new technology available
* No coding in the high-level language
* Software failure is not good
3. Budget risk: – Money is a very important factor in any project, so risks are also very high. The main reasons for this risk are:
* The software is not complete within the estimated budget.
* The cost of the corporations is steadily increasing.
* Increasing the software project.
* Delay in software project
4. Schedule risks: – The main reason for this risk is the following: –
* The project is not completed within the estimated time.
* Allocation of corporations go wrong.
* Suddenly the project is expanding.
* Can not properly track the resources.
5. Contractual and legal risks: – There are also legal and contractual risks in any project which are: –
* No construction of software within government rules and regulations.
* Any malfunction in the software within the software warranty.
* Changes in Software Requirements
* Safety and health issues etc.
6. Operational risks: – The main reasons for this risk are as follows: –
* The process could not be implemented correctly.
* lack of team spirit
* Lack of clarity in its responsibilities, that is, not to properly adhere to its responsibilities.
* Lack of practice.
* Not to be able to communicate properly, that is, lack of communication in the team.
7. Other risks: – There are more risks than the above-given risks, which are as under: –
* There is a change in government policy.
* Not enough of the tools
* Not enough features
* Computer resource not available
* Not meeting the contract or losing the contracts.