The Concept of Risk in Diffirent Project Management Approaches Essay

The Concept of Risk in Diffirent Project Management Approaches - Essay ExampleIf we talk about the danger anxiety in agile (Scum) software stick out management, it basically allows us to deal with risks on the daily basis. For instance, till the end of a day we unwrap and record the project risks. On the other hand, PRINCE2 goes beyond the definition of risk as it divides the risk into two categories on the basis of their positive or prejudicious consequences. These two categories lav be threat and opportunity. In this scenario, a threat could be an uncertain activity or action which if it occurs can cause controvert effect on the projects likelihood of achieving its objectives. On the other hand, an opportunity is an event if it takes place can cause a favorable and good effect on the project likelihood of achieving its objectives (Brady, 2009 Rehman et al., 2010 TutorialsPoint, 2012). However, in this paper we will consider the risk as a threat. In addition, risk management is an of the essence(p) element of both the Agile (scrum) and Prince2 project management approaches. This paper will discuss the concept of risk from the perspective of Prince2 and Scrum project management approaches. ... consort to this attribute, risk may or may not take place in other words, we are not 100% sure about the happening of possible risks. On the other hand, another attribute is acknowledged as loss. According to this attribute, the risk turns into a certainty, unnecessary outcome or losings can take place. Hence, while evaluating project risks, it is necessary to assess the degree of loss and the level of improbability associated with each risk (Pressman, 2001, p.146 Kerzner, 2006, p.743). In addition, risk management is the process of identifying, measuring, and managing what might go in the wrong way into a project before it turns out to be a danger to the successful uttermost of the project or the implementation of a software application. Moreover, risk manage ment is a very important skill to manage a project successfully (Turban et al., 2005, p.712 Whitten et al., 2000, p.83). According to (Murthi, 2002), large software systems cannot be developed without facing a wide variety of risks. In this scenario, a report published by The Standish class with the name of CHAOS A Recipe for Success, shows that only less than 30% of all software development projects are within budget and on epoch as well as sate all their indented requirements. On the other hand, more than 70% either fail or do not fulfil software development goals. Additionally, these facts are frightening in a cost-cutting measure where software systems play a significant role in fact they can make or break the organization (Murthi, 2002). In this paper, we will use the approach of identifying, measuring, and managing what might go in the wrong way into a project before it becomes problem for the successful completion of a project. Concept of Risk in Prince2 Project Management