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Element Name: risk.xmi<br/><br/>
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<!-- START:briefDescription,_0bsLgMlgEdmt3adZL5Dmdw CRC: 919637554 -->A risk is whatever may stand in the way to success, and is currently unknown or uncertain. Usually, a risk is qualified by the probability of occurrence and the impact in the project, if it occurs.<!-- END:briefDescription,_0bsLgMlgEdmt3adZL5Dmdw -->
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<!-- START:mainDescription,_u6enMMM1EdmSIPI87WLu3g CRC: 17062246 --><h3>
What is a Risk?
</h3>
<p>
Many decisions are driven by risk mitigation&nbsp;in well managed projects. You are trying to mitigate or tackle the
most critical risks as early as possible in the project. In order to achieve this you need to get a good grip on the
risks the project is faced with, and have clear strategies on how to mitigate or deal with them.
</p>
<p>
In everyday life a risk is an exposure to loss or injury; a factor, thing, element, or course involving uncertain
danger.&nbsp;Similarly, in&nbsp;software development a risk is something that can compromise the success of a project.
Examples of potential sources of risk in software development are listed below (see [<a class="elementLinkWithUserText" href="./../../../openup_basic/guidances/supportingmaterials/references,_9ToeIB83Edqsvps02rpOOg.html" guid="_9ToeIB83Edqsvps02rpOOg">SEI99</a>] for more details):
</p>
<ul>
<li>
Requirements
</li>
<li>
Design
</li>
<li>
Development process
</li>
<li>
Work environment
</li>
<li>
Resources
</li>
<li>
Contract
</li>
<li>
Project interdependencies
</li>
<li>
etc.
</li>
</ul>
<p>
Risks can be seen as opportunities. If there are benefits associated to an opportunity, then certain degrees of risk
must be taken&nbsp;for a&nbsp;project to be&nbsp;successful [<a class="elementLinkWithUserText" href="./../../../openup_basic/guidances/supportingmaterials/references,_9ToeIB83Edqsvps02rpOOg.html" guid="_9ToeIB83Edqsvps02rpOOg">SEI99</a>].
</p>
<h3>
Risk Attributes
</h3>
<p>
You can record as much information as you like or need about your risks, you will find below a list of common risk
attributes.
</p>
<ul>
<li>
<strong>Risk Description:</strong> A description of the risk detailing the impact for the project if this risk
becomes a problem (i.e. it becomes a reality).
</li>
</ul>
<ul>
<li>
<strong>Risk Type:</strong> Used to classify the risk as:
</li>
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<ul>
<li>
<strong>Direct risk</strong>: a risk that the project has a large degree of control over.
</li>
<li>
<strong>Indirect risk</strong>: a risk with little or no project control.
</li>
</ul>
</li>
</ul>
<ul>
<li>
<strong>Risk Probability</strong> (of occurence): how many chances do we have that this risk will become
a&nbsp;problem or an issue, This is usually represented as a scale of values (for example: High, Medium, Low).
</li>
</ul>
<ul>
<li>
<strong>Risk Impact</strong> (level): if this risk become an problem what will be the impact&nbsp;on
the&nbsp;project. This is not the actual description of the impact but the level of impact. As the risk
probability, it is usually represented as a scale.&nbsp;This&nbsp;attribute is&nbsp;also sometimes called the
<strong>severity</strong> of the risk.
</li>
</ul>
<ul>
<li>
<strong>Risk Magnitude</strong>: To be able to rank and to define which ones need to be mitigate first,&nbsp;the
<strong>Risk Probability&nbsp;</strong> and <strong>Risk Impact</strong> attributes are often combined in a
single&nbsp;<strong>Risk</strong> <strong>Magnitude</strong> indicator represented as a scale similar to the
combined attributes.
</li>
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