Taking note of the risks that can be a problem for your software development project in the coming time is a critical activity that every company involved in software development should take care of. Almost every software development company in India and abroad these days takes crucial measures to ensure that all factors leading to a potential risk are taken into consideration.
If you are a software development company that is not addressing all the risk factors in the test plan, there may be deep trouble in store for you. It should be especially understood that all risks, whether small or large should be identified, classified as well as managed properly prior to commencing the actual execution of program. Let’s take a broader look at the risks that should be taken into consideration.
Schedule Risk – If you are not addressing your schedule risks then there are high chances of your project schedule being slipped. Your project may be severely affected if this risk is not taken well care of. There are a number of reasons due to which your schedule may slip; wrong time estimation being the most prominent one. Improper tracking of resources such as system, staff, skills of individual etc., is another big reason. Schedule may also slip due to unexpected project scope expansions and failure to pin-point the complex functionality.
Operational Risks – As the name suggests, these risks are involved at the operational level. Various reasons due to which there can be a loss due to operational risks include – incorrect implementation of the process, inability to address priority conflicts and delegate responsibilities suitably in the team, insufficient resources, improper resource planning and inadequate communication.
Budget Risk – There can be a number of scenarios in which you can suffer a loss due to the budget. Even the slightest of inaccuracy in estimating the budget may bring the scope of your software development project under high risk. Project scope expansion is another major reason that may impact your project due to budgetary reasons.
Technical Risks – Such risks result in total failure of software functionality; thereby affecting the performance as well. Constantly changing requirements is a major reason for the same while difficult project modules integration is also equally responsible for bringing in such risks.