1. perceived to be outside their own control.

Checklists. Other projects of similar
nature are studied and a list of risk/success factors is made. Such a list is
called a checklist. It is the quickest and easiest way to manage risk. In
literature there are many ‘top-ten’ lists. However, the problem with this
approach is which list to use? There are many different lists available.
Second, research shows that the perception of risk in software projects varies
over time, between cultures, and between stakeholder groups, raising the
likelihood that risk assessment based on published checklists might be biased
and limited in scope 11, 20. Third, research also shows that stakeholder
groups tend to identify and rank highly risks that are perceived to be outside
their own control. That is, they tend to identify risks in the responsibility
domains of other stakeholders, rather than point to factors as risks within
their own areas of responsibility 12, 20. The effect of this can be to limit
the likelihood that the full range of relevant risk exposures is identified,
especially if the checklist is based on the perceptions of a single stakeholder
group (which is usually the case with published lists). Therefore, we can
conclude that (a) risk factor checklists are not universally applicable; (b)
they are best used as a starter list for generating your own in-house list,
and; (c) risk identification, analysis and review must include representative
participation from all major stakeholder groups in the project.


Analytical Frameworks. Analytical frameworks provide broader ways of directing searches for
possible risk factors. The most common type found in the literature is source
categories of potential risks for example, 2. High level sources of risk such
as technology, requirements, or expertise can each account for multiple risk
factors. The categories can provide a broader framing for thinking about what
risks might exist for a particular project, rather than to simply work through
a pre-defined checklist of specific factors. The categories can also represent
target areas for applying risk control strategies that might be effective on
multiple factors. On the downside, many of the same limitations of checklists
apply. Which framework should I use? Is it sufficiently representative of my
project’s context? If not, should I use multiple frameworks, form a composite,
or tailor a framework to my environment? And how much risk framing is enough to
identify all relevant risks? The main limitation of this approach – as with any
tool – is that its value depends on how well it is used. If the analysis is
cursory or superficial then the risk management benefits are likely to be low.

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Process Models. Process models specify stepwise
methods for identifying, analyzing,
and handling risks. Typically, these approaches specify the individual
activities believed to be necessary to manage risk in software projects (for
example, risk identification, analysis, response and control). Usually they
also specify how these activities should be sequenced to effectively manage
risk and, less frequently, they may also suggest various tools and techniques
to use in individual steps to aid in the risk management process. The ordered
steps are usually intended to be executed iteratively throughout the project,
to manage known and new risk factors as the project proceeds and as
environmental circumstances change. Many prominent examples of risk management
process models can be found in practice and in the literature. The two most
dominant models in software engineering are associated with Boehm 5 and PMI’s
PMBOK Guide 16. Other influential
models derive from Carnegie Mellon’s Software Engineering Institute (CMMI) and
various industry and national standards bodies. A common weakness with process
models is that they typically provide little guidance on how to implement them
in practice. Also, being generic, they do not always fit individual project



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