Software Engineering Management Technological Risk

Question: Describe about the Software Engineering Management? Answer: Introduction Risk management can be defined as the process of identifying risks in advance and thereby analyzing them for reducing the risks (Chen, Hoi Xiao, 2013). This process identifies, assesses as well as prioritizes the risks for preventing it and minimizing the effect of it. This assignment deals with the risks that include technical, managerial as well as financial risks. Security Risk- This kind of risk is also termed as electronic risk that involves risk in keeping the data secured within the office premises (Khan, 2010). These risk occur due to loss of data, data redundancy etc by the employees of the organization or higher officials. In order to mitigate the security risk, the organization needs to use strong security system such as upgraded antivirus, firewalls, data encryption etc. that will keep the data safe and sound within the organization (Mishra Misra, 2010). If it seen that the organization is receiving some data or sending some data that is modified or lost in between, then contingency plan is used. Funding Risk- For every organization, the funding risk is another risk that needs to be taken care off (Kamyabniya Bagherpour, 2014). The cash flow need to be adequate regarding the financial obligations. Some assets also need to be kept in stock for preventing the funding risk. Human Risk- The human risk is another risk that needs to be kept in mind for the organization (Lee Yong, 2009). The organization need to contain more and more expertise human force for accomplishment of the job. To mitigate the risk more human force need to be involved in a positive direction, for reducing the human risk (Rose, 2014). Process Risk- This risk involves the efficient process that helps the organization in carrying out the process effectively (Rech Bogner, 2010). If this is not maintained properly then a high risk s involved. For mitigating it, effective and efficient as well as upgraded process need to be applied. Market Risk- This risk involves the interest rates, exchange rates, commodity prices, and stock prices etc. that need to be considered (Ulkuniemi, Araujo Thtinen, 2015). This risk need to be mitigated by keeping updated to the market. Upgraded software and efficient market research helps in reducing market risk. Manufacturing Risk- The manufacturing risk includes the procedure of producing the products or services (Tony Lee, 2010). To reduce the risk of bad quality product, the organization needs to upgrade and notice the process of manufacturing. Product Acceptance Risk- With the changing market trend, the taste of the customers also change that gives rise to the product acceptance risk (Karamitsos, 2010). To mitigate this risk, continuous market trend need to be seen and analyzed for providing products according to their choices. Time Risk- This risk contains the time that the project need to complete within time. For reducing the risk, the organization need to make a allocate time for each of the task allocated (Amritesh Misra, 2014). Leadership Risk- For a good management within the organization, the leaders should have a good knowledge about the whole situation of the organization (Altunok Cakmak, 2010). To reduce the risk of having a bad leader, the employees need to participate actively for giving rates to the leaders. Technological Risk- For monitoring risk, the team needs to be keep hawks eye to every task within the organization. For handling the emergencies, the team members need to discuss about the risks previously for understanding the probable risks. But there are some risks that are urgent and can arrive at any time. For handling these risks, the team members need to work as a team for solving the problem. Initially there are some risks that need whole team involvement ad there are some tasks that the members can handle all alone. The top ten risks that are mentioned above need a fortnight up gradation for handling the risks. Risk Management options description measurement Frequency of collection of data Time required (minutes per week) Method of measurement Scale used Up gradation of software For securing the data, avoid data redundancy and making the most use of modern technology for making the work easy Development process Once in a fortnight 840 minutes per week Algorithmic interval Employee satisfaction Necessary for keeping the employees happy for greater productivity Development process Once in a month 60 minutes per week Algorithmic nominal Tracking the market trend Necessary for keeping pace with the changing development Product Once in a week 360 minutes per week Subjective ratio Keeping the funds aside for emergencies Required when there will be sufficient lack of funds Product development Once in a month 720 minutes per week subjective ordinal Good leadership Required for the progression of the team Development process Once in every 4 months 60 minutes per week algorithmic nominal Table 1: Risk Management (Source: As created by Author) References Altunok, T., Cakmak, T. 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