Risk and Risk.....................
What is Risk analysis: It is the estimation of the RISK.
In order to perform analysis following steps are undertaken.
Identify the risk associated with product, i.e. it can be done by carefully going through the requirements specification, design specification, or other available items.
Risk needs to be categorized, i.e. functionality, performance, reliability etc.
Once the RISK is identified, rate them based on IMPACT and OCCURANCE
RPN: (risk priority number) – RPN= Impact * Occurrence
**Ranging from 1 to 5 (1 referring high impact and 5 referring the low impact)
RPN will range from 1 to 25 (Note there can be other possible schemes also)
4. Identify the most risky areas i.e. RPN in range from 1 to 5 are supposed to affect the Product most and from 20-25 might affect the Product at the lowest level.
Managing Risk
Implement appropriate measures to deal with the identified risks:
1. Take steps in advance to reduce the likelihood (and possibly the impact) of the risk.
2. Have a plan in place to reduce the impact should the risk become an outcome.
3. Convince some other member of the team or project stakeholder to reduce the likelihood or accept the impact of the risk.
4. Do nothing about the risk, which is usually a smart option only when there's little that can be done or when the likelihood and impact are
low.
In order to perform analysis following steps are undertaken.
Identify the risk associated with product, i.e. it can be done by carefully going through the requirements specification, design specification, or other available items.
Risk needs to be categorized, i.e. functionality, performance, reliability etc.
Once the RISK is identified, rate them based on IMPACT and OCCURANCE
RPN: (risk priority number) – RPN= Impact * Occurrence
**Ranging from 1 to 5 (1 referring high impact and 5 referring the low impact)
RPN will range from 1 to 25 (Note there can be other possible schemes also)
4. Identify the most risky areas i.e. RPN in range from 1 to 5 are supposed to affect the Product most and from 20-25 might affect the Product at the lowest level.
Managing Risk
Implement appropriate measures to deal with the identified risks:
1. Take steps in advance to reduce the likelihood (and possibly the impact) of the risk.
2. Have a plan in place to reduce the impact should the risk become an outcome.
3. Convince some other member of the team or project stakeholder to reduce the likelihood or accept the impact of the risk.
4. Do nothing about the risk, which is usually a smart option only when there's little that can be done or when the likelihood and impact are
low.
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