A risk is a potential issue waiting to happen leading to some unintended effects. If there is zero probability for the risk to happen, then it is not at all a risk. Similarly, if there is no adverse effect with the happening of the issue, it is not a risk. If the issue had already happened, it is no more a risk, but a problem.

Risk Identification and Analysis

There could be various risks inside the projects. Those needs to be first identified and then analysed based on their probability of occurrence and effect (impact). Based on these analysis risk needs to be prioritised for action.  Here we are actually prioritising the risks based on three factors i.e. Probability of occurrence, impact and detectability of the risk

Highly probable, huge impact and low detectable risks needs to be treated first. For prioritization of risks we need to have some metrics associated with it. We call it as risk value. It is the product of probability, impact and detectability.

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Data or evidences are the prime focus of a judiciary to convict or acquit a person. Here the data helps to analyse the past and with which helps to take the judgement. An error free judgement is actually a precautionary warning for any potential similar instances. Or in other words, data helps to predict the judgement for future similar instances. The scenario could be easily mapped to a software industry where we could see data or measurements helping us to do post-mortem or predictive analysis. Both analyses have its own relevance. Let us analyse how measurements help us to improve software in terms of these analysis. If it was a hardware , then the improvements in terms of measurements could have been easily understood as there is something physically observable.

We use data for mainly two purposes.  First of all we need to know where we stand right now, what is the current performance etc. For this we conduct milestone analysis, intermediate data analysis and closure analysis at the end of s project. And at the organizational level based on a defined periodicity process performance baselines are derived which are

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