MANAGING INTERACTING SOFTWARE PROJECT RISKS

Managing risks in a software project can be challenging. There are many risk categories including communication risks, project planning risks, technical risks, budget risks, scheduling risks, legal risks, ethical risks, operational risks, security risks, and personnel risks that require timely attention. Potential risks should be identified, analyzed and evaluated. Appropriate strategies should be developed for managing imminent risks in a timely manner. This paper advocates a strategy that assigns a special role to communication risk, because it interacts with other risks in a way that may allow its coupling with most other risks and changing their effects. Interacting risks may have to be studied at a higher level with special attention to communication risk, because it could be considered as a super-risk. In order to get best results with the current state of knowledge, a team of risk analysts may provide early warnings about potential risks that are then further studied in interaction contexts for developing appropriate management strategies. By integrating risk based project management into a software development process, coordination of all activities in a comprehensive manner would be possible with a special emphasis on interacting risks.