Risk management – Project risk factors – 1 page discussion and response

Risk management plays an important role within the software project management life cycle. Determine at least three techniques that can be used to identify and analyze project risk factors. Rationalize how these techniques can minimize project cost overruns, schedule delays, and defects.
Justify an approach that you would use to identify, prioritize, and mitigate risk within a large software development project management life cycle. Include example(s) to justify your answer.

Answer the previous questions in your own words, then respond to the following answer, what are your thoughts in response: 
Risk management is a very important part of the software project management lifecycle. It allows us to analyze, review, and plan for possible risks. Some of the techniques for running a successful risk management analysis for the project are: 

Brianstorming
SWOT analysis
Risk reponse

     Brainstorming allows the team to work together to identify risks. Working together as a team allows the team to identify risks that they may not identified on their own. SWOT analysis takes a look at the project and systematically categorizes them and can tel lthe team if they are credible threats. Risk response is the company’s ability to respond to the risks and is the game plan to what risks they are willing to accept, negate, or mitigate. 

     Not all risks are negative. Occasionally, there are risks that are positive and could be win falls for the company. If your company adds extra insurance for their mobile devices the risk opportunity is they may get a price break on the leases of those devices. This would be a positive for the company or it may turn out as a break even point but in any case it is not a negative. 

     If I were a part of a large software development firm working on a project I would do the SWOT analysis first to identify weak points in our strategy and identify risks. I would also work with stakeholders to understand the risk appetite of the company and adjust our strategy accordingly. 

Archer-Soft.com. (2021, February 01). 5 phases of software development life cycle and risk assessment. Retrieved March 01, 2021, from https://archer-soft.com/blog/5-phases-software-development-life-cycle-and-risk-assessment
Everitt, J. (2020, June 17). How to conduct a swot analysis in project management. Retrieved March 01, 2021, from https://www.wrike.com/blog/tips-swot-analysis-in-project-management/#:~:text=A%20SWOT%20analysis%20is%20a,and%20threats%20they%20may%20face.