RiskAd

- A Risk Administration
Guided By
Mrs Shiny Angel

ByAbhishek Dutta 1201210159

Abishek Sheker - 1201210171

Abstract
Risk Management can be defined as a systematic process for
identifying, analyzing and controlling risks in projects or organizations.
Proposed systems purpose is to analyze and prioritize risk of a
software development project.
For complex, high-complexity projects it is very useful to implement a
formal risk-management process, supported by effective methods in
the individual process steps.

Factors of Risk Management

Risk Management Planning

Risk Identification
Qualitative Risk Analysis
Quantitative Risk Analysis
Risk Response Planning
Risk Monitoring and Control

Risk management planning

- deliverable is the Risk Management Plan

Risk Identification
Risk categories:
- technical
- project management
- organizational
- external

Qualitative Risk Analysis

Define probability and consequences
- data gathering
- impact by objective
- assumptions testing
- data precision ranking

Quantitative Risk Analysis

- individual and project risk
- probability distributions
- sensitivity and decision tree analysis
- simulation methods

Risk Response Planning

Responses should be:
- appropriate
- cost effective
- timely, realistic
- agreed (funded)

Risk Monitoring and Control

- ongoing, continuous action
- risks monitored
- new risks identified
- effectiveness of risk management evaluated

Automated Risk Management Tools

The Riskit Process
Risk Guide
Risk Radar Enterprise (RRE)
RiskNAV

The Riskit Process

Main characteristics of a Riskit process:
- full operational definition of the process
- risk management, scope, focus, authority and
procedures defined together
- a specific step for identifying and defining the
goals of the project

Risk Guide
Three techniques to identify risks are supported:
automatic generation of risk indications based on the answers
to a questionnaire,
explicit selection of a risk from a list of risks,
supplying a new definition of a specific risk identified by
intuition and/or engineering judgement.

Risk Radar Enterprise

RRE, by American Systems, is a commercial web-based application for
enterprise-wide project risk management using MS Access database.
It enables management and communication of project costs,
schedule, technical and performance risk within a common enterprise
framework.

Prioritization Algorithms
There are many types of algorithms but we are going to look at 4 main
types which are common. They are Riskit, Risk Radar, Risk Guide and
Risk NAV

K cluster-Organization
K mean cluster-Organization & Commercial
DBSCAN-K cluster- Database cluster(predefined)
SWSCAN-K cluster- Co-relation between DBSCAN & mean cluster

RiskAd Prioritization
Manual Mapping
Associative to manual mapping is base upon human trial and error method
Acquisition Risk Management Risk Prioritization
The risk rating is based on the probability of impact and the level of impact
(manual mapping approach)

RiskAd Prioritization (cont.)

RiskAd Prioritization(cont.)
Automated Mapping
Associative to automated mapping is base upon predefined commands
which have been based upon previous products and projects
Risk is the probability and severity of loss from exposure to the hazard.
The assessment step is the application of quantitative or qualitative
measures to determine the level of risk associated with a specific hazard.
This process defines the probability and severity of an undesirable event
that could result from the hazard.

RiskAd Prioritization(cont.)

RiskAd Prioritization(cont.)
Definition: The Risk Score (equation 1) of an identified risk is the
weighted average of the equivalent numerical values associated with
the risk's Probability, Impact Score, and Timeframe.

Conclusion
We have seen the different types of tools which are used in todays
everyday life to commercial and organizations. Each of these categories
are then closely watched and with our tool, we have found a strategic
way to give a more accurate prioritization. This will help organizations
and other systems to bring down its complexity and a drastic
decrement in the failures of the projects.

Literature
Author, Title

Concepts

Mitre.org, Risk Management Standard

Prioritization concept and techniques
Process/Definitions: Priority
url:
http://www2.mitre.org/work/sepo/toolkits/risk/Stand
ardProcess/definitions/priority.html
Risktrak.org, RiskTrak International Introduces
RiskNAV
url: http://www.risktrak.com/press/pr01.htm

Detailed features of riskNav and other automated

models.

Srikrishnan Sundararajan, Marath Bhasi, Pramod K.

Vijayaraghavan, Department of Computer
Applications, Cochin University of Science and
Technology, Kochi, India - IEEE paper on Case study on
risk management practice in large off shoreoutsourced Agile software projects

Detailed study of risk factors and probable real time

solutions to every individual risks.