Risk

What is Risk?

Risk can be defined as the probability of an event, hazard, accident, threat or situation occurring and its undesirable consequences. It is a factor that could result in negative consequences and usually expressed as the product of impact and likelihood.

Risk = Probability of the event occurring x Impact if it did happen 

Risk Types:

In software terminology, the risk is broadly divided into two main categories:

Project Risks:

• Supplier issues

• Organizational factors

• Technical issues

Product Risks:

Below are some of the product risks occurring in a LIVE environment:

• Defect Prone Software delivered

• The Critical defects in the product that could cause harm to an individual (injury or death) or company

• Poor software Features

• Inconsistent Software Features