Risk is any threat which leads to the failure of the system. Risk Management is a technique to minimize the chances of software that can fail. The challenge for software professionals is not to avoid them but to manage them. Risk management is a major issue in any field. Software engineering is also a field where risk management plays a major role. Risks for a software professional can be of managerial, financial, technological or some other constraints also. A software professional must have to do the following tasks for the avoidance of risk.

• Identify the type of risk
• Analyze the risk
• Prioritize the risk

Managerial risk can be of any type like the unavailability of the employee due to the any problem. Technological constraints are also a big risk for software professional. Sometimes we are expecting that if the developer of that tool or technology is available we will hire him, but unfortunately we have to face the unavailability of the employee. It is also possible that the person who we are going to hire, requires a salary that will affect the project budget. This is again a big risk for software professional. A good software professional must have to identify the risks and then have to analyze the risk and prioritize the risk according to the effect of that risk on the overall performance of the software. Good risk management leads a software engineer toward the success in the life line of his career. Different types of techniques are also used for the risk avoidance.

Risk mitigation is the best possible approach adopted by the project manager to avoid the risk from occurring. The probability of risk occurring and the potential impact of the risk can be mitigated by dealing with the problem early in the project. There are some possibilities which include:

• Risk avoidance
• Risk monitoring
• Contingency plan

In risk avoidance, we avoid the risk to occur in the project. The project team prepares the risk plan before the commencement of the project. The project team identifies the potential risks and prioritizes them based on their probability of occurrence and impact. Then the team prepares a plan for managing risk.

In risk monitoring we can't monitor all the risk. Software professional make a list of risk and define the checkpoints. For example if there exists the 100 risks then the top 20 risks will be entertained depending upon the priority of the risk.

In case of risk occurring, software professionals can use the contingency plan. Contingency planning involves the maintaining of an alternative plan if the original plan fails. Contingency plan must be prepared for the top 20 identified risks. These plans are put to use after the risk becomes a reality. Software professional has to care about these facts which are discussed above in order to make better risk management possible in his life. This will help him not only in his career, but also in his daily regular routine.

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