The shift in the trends of software development is proof that nothing is constant. There is constant change in the series of development cycles with the introduction of new trends and technologies, new demands from users, new challenges creeping up for both software development companies and businesses. Despite the volatile nature of the market business tend to overcome challenges and may way for all innovations and creativities in their offerings and solutions.

While coping with all kinds of challenges, risks are something that can change the dynamics of software development. It’s the most critical area of the software development cycle and many software development companies often fail at mitigating it. This usually results in project failure many times. To manage risks arising in software development, companies need to indulge in various risk mitigating methods in the overall process. We will give you a glimpse of all you need to know about risk mitigation in software development to tap benefits, but before that let’s know more about risk and its management in the software development process.

 

What is Risk?

A risk is anything that is an uncertain event or condition. It may or may not reflect a positive effect on the overall software development process. Since it’s uncertain, not even an expert can guarantee if the result could turn out positive and all settled. It could unfavorably impact the project objectives such as scope, schedule, cost, or quality. Project managers need to identify the risks and mitigate them before it affects the entire software development project adversely.

Once the risk is identified, then planning could be done to lower its impact overall. Three categories of risks identified in during the process of software development that could impact the business:

  1. Project Risk
  2. Product risk
  3. Business risk

While a risk could be associated with negative intent, it could also lead to great innovations in the business. Yes, you heard that right. Understanding the prospects, the project manager identifies risk and concludes that it may lead to greater benefits.

 

Software Risk Management Plan

Once the risk is identified and categorized by the project manager, it is necessary to make plans to mitigate the effects of risks. The risks are often categorized into the following types – technical, project, process, organizational. The risk management team of software development company chalks out a plan according to the identified type of risk. Responses are collected, and a register is maintained to keep a future check on the risks and its solutions implemented.

There are many subsets associated with risk management planning and all are jotted down in a risk register. It is a proven tool for organizing and referring known and identified project risks. The attributes it contains are:

  • Risk description
  • Identified date
  • Occurrence reason
  • Severity
  • Action
  • Status
  • Loss status and more
  • Risk Mitigation

As mentioned in the blog above, once risk is identified, it is important for project managers to take action and mitigate the risks immediately before it hampers the project. Various risk mitigation strategies could be implemented in software development that could avoid any uninvited losses.

1. Increase responsiveness

The risk reduces since it is delivered faster to the end-users. This is why the increase in responsiveness is one of the best risk mitigation strategies that promise on reducing risks associated with the software development project management. Faster deliveries lead to a 20% increase in production rates. The number alone speaks for how responsiveness could mitigate the risk.

2. Communication

Like we have already alluded the importance of transparent communication in our previous blogs, here again, we are mentioning how communication could help the risk management team to mitigate the challenges associated with risk. Effective communication among all stakeholders, managers, developers, QA, marketing and customer representatives needs to be transparent and vital. Sharing relevant information and getting timely feedback about risks increases the probability of project success.

3. Risk Control

Another way to mitigate risk is to control them. Once identified, the project manager and the team should brainstorm and come with ideas and ways to control the existing risk in the future. Steps should also be taken to ensure such risks do not occur shortly in other or the same type of projects. If not removed totally, measures should be taken to at least minimize or reduce the impact of risk on the software development project.

4. Risk Transfer

Many times, it is assumed that the project owner should handle the risks associated with the projects. However, it’s best when the project owner transfers the risk to the team who could best handle it. This should be first discussed with both the parties involved and then only transferred. This strategy is most likely applicable to contractors, indemnities, or indemnification firms.

Conclusion

Wrapping up, a business is well aware of the fact that software development is welcomed by risks and its impact on the overall project willingly or unwillingly. The only way to deal with the situation is to be prepared with the risk management team who is well versed with the types of risk and how to mitigate them. A risk may harm the business but could also lead to unexpected benefits. It’s a balance between the uncertain events and rewards that may process should be worked on by a custom software development company and business owner. With risk mitigating strategies, the risk could be managed, and the software development project could be safeguarded from external threats leading to a successful software application development.

 

Author:

Siya Carla is the Solution Consultant at Finoit Technologies, a leading custom software development company which provides unique web design and mobile app development services. By creating interactive mobile apps for 450+ customers across the globe, Finoit enjoys a great reputation as a prominent mobile app development company.