Section Answer Risk is defined as that situation in which the person making the decision can approximate the chances of particular outcomes. (Robbins and Coulter) Answer 2 Following are the common mistakes in risk management Assuming that by predicting extreme events, risks could be properly managed (Taleb, Goldstein and Spitznagel). By doing this, the manager could ignore many other possibilities by only focusing on a few scenarios. Historical data does not always help (Taleb, Goldstein and Spitznagel). By relying heavily on past trends leads the manager to ignore taking the differences in particular situations and the contribution of unforeseen circumstances into account.
Answer 3 For successful risk management, the manager must ensure that (Pressman) A global perspective is maintained. Contingency plans are set to deal with future possible risks that may be encountered. Free flow of information is practiced so that no potential risk is ignored. Risk management practices are adopted into every software process. Team work is encouraged so that a bigger knowledge base and skill set could be used to identify and manage potential risks. Answer 4 Qualitative risk management deals with identifying potential risks and alert all personnel that may be impacted by it.
(Kaushik) On the other hand, quantitative research deals with the implementation aspect of risk management where the probability and impact of risk occurrence is calculated and priorities are given to different potential risks. (Kaushik) Section 2 Answer 1 Planning is one of the most important functions of a manager. By planning, the manager defines goals, builds up strategies to achieve those goals, and makes the different activities and processes work in collaboration. (Robbins and Coulter) Answer 2 Following are steps required in the project plan template (Pressman): 1. Establish the project scope 2.
Establish its feasibility 3. Analyze and evaluate risks 4. Identify the resources that would be required 5. Quantify the time, cost, and effort that would be required to complete the project 6. Develop a project schedule Answer 3 Following are four of the project life cycle models (Pressman): 1. The Waterfall Model 2. The Incremental Model 3. The RAD model 4. The Spiral Model Answer 4 A business model defines how the day to day operations of a business work. It differs from the technical lifecycle of the project because it relates to the business entity as a whole.
Whereas, the technical lifecycle deals with individual projects, and how processes are integrated together to achieve one, desired outcome. Technical lifecycle is important to manage projects to ensure that all processes are carried out in harmony and that random, chaotic behavior is avoided. Section 3 Answer 1 Software metric is a rule for measuring some property of computer software. Answer 2 Prototyping is a process model in which a model of a system is developed to show to the customer so it could be better understood. Answer 3 Waterfall model is a process model in which a sequential and systematic approach is adopted to complete the project.
It involves communication, planning, modeling, construction, and finally, deployment. (Pressman) Waterfall model, however, has a few major draw backs. Firstly, it is very rare that software projects follow a sequential flow. Also, this model requires the customer to explicitly specify all requirements and it is understood that the customer might not even explicitly know his own requirements. Moreover, no model of the system can be shown to the customer until very late in the model. (Pressman) Answer 4 LOC is an abbreviation for Lines Of Code.
It could be used for any part of the software program. Works Cited Kaushik, Preetam. "Qualitative and Quantitative Risk Analysis. " 29 April 2009. Bright Hub. 19 April 2010 . Pressman, Roger S. Software Engineering. McGraw-Hill Education, 2005. Robbins, Stephen P and Mary Coulter. Management. London: Pearson Education, 2005. Taleb, Nassim N, Daniel G Goldstein and Mark W Spitznagel. "The Six Mistakes Executives Make in Risk Management. " Harvard Business Review October 2009.