Risk Assessment in Incremental Software Development

Cost overruns, schedule slips, and projects with fewer features or functions than originally specified are some of the difficulties that the software community faces in almost all software projects. The application of proper risk management throughout the lifecycle of the software development can drastically improve the chances of success. Risk management is an essential skill that many good mangers possess. Utilizing proper risk management provides early risk detection, which in turn gives the manager more flexibility to mitigate and resolve the risks within the software development project. This thesis presents a disciplined and systematic risk management tool that can be utilized to assess risk in incremental software development projects from cradle to grave. This methodology can be applied with limited resources, and is adaptable and flexible enough to be used on all software intensive projects. The methodology incorporates the Software Engineering Institutes proven risk taxonomy and questionnaire. It also provides a project manager or project decision-maker an efficient way of assessing risk in incremental software development. Further, this thesis implements the risk assessment framework on a software development project and validates the validity and usefulness as a risk management tool.