Uncertainty 2

Uncertainty and risk (contd)
Risk assessment should be done throughout the project. Even during Phase 4 there should be contingency for possible remedial work resulting from user testing.

There are three types of risk, based on the three performance measures of the project:

• Time - schedule risk - not being able to deliver on time

• Quality - scope risk - not being able to meet the client's acceptance criteria

• Cost - cost risk - exceeding the budget

Stages in Risk Assessment
There are 3 stages in risk assessment:

Identifying the risk
Try and identify all the possible things that could go wrong with the project
 
Analysing the risk
Now consider what would be the damage if any of these things occurred. Organise these risks into the likely probability and seriousness of the consequences.
 
Reducing or preventing the risk
Now consider what action would help to reduce the risk. Are these actions to put into place now or are they contingency plans. Write down your proposed actions.

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