Q9Software Engineering
Question
Explain the term Risk Analysis. Enlist Four major categories of Risk analysis.
Answer
Risk Analysis mathematically calculates the probability and financial impact of future project failures, categorized into Technical, Project, Business, and Known risks.
Risk Analysis is a highly proactive, mathematical management process designed to identify, quantify, and violently mitigate potential future threats before they catastrophically destroy a project. Four major categories are: 1) Technical Risks (architectural failure, tool crashes), 2) Project Risks (budget exhaustion, schedule overruns), 3) Business Risks (the client goes bankrupt), and 4) Known/Predictable Risks (staff turnover).