All elements used to develop a software product may be assumed as resource for that project. This may include human resource, productive tools and software libraries.
The resources are available in limited quantity and stay in the organization as a pool of assets. The shortage of resources hampers the development of project and it can lag behind the schedule. Allocating extra resources increases development cost in the end. It is therefore necessary to estimate and allocate adequate resources for the project.
Resource management includes -
● Defining proper organization project by creating a project team and allocating responsibilities to each team member
● Determining resources required at a particular stage and their availability
● Manage Resources by generating resource request when they are required and de-allocating them when they are no more needed.
Project Risk Management
Risk management involves all activities pertaining to identification, analyzing and making provision for predictable and non-predictable risks in the project. Risk may include the following:
● Experienced staff leaving the project and new staff coming in.
● Change in organizational management.
● Requirement change or misinterpreting requirement.
● Under-estimation of required time and resources.
● Technological changes, environmental changes, business competition.
Risk Management Process
There are following activities involved in risk management process:
● Identification - Make note of all possible risks, which may occur in the project.
● Categorize - Categorize known risks into high, medium and low risk intensity as per their possible impact on the project.
● Manage - Analyze the probability of occurrence of risks at various phases. Make plan to avoid or face risks. Attempt to minimize their side-effects.
● Monitor - Closely monitor the potential risks and their early symptoms. Also monitor the effects of steps taken to mitigate or avoid them.
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