Qualitative Risk Analysis

Use a probability and impact matrix to determine the probabilities of occurrence and potential impact rankings of your risks. Ranks the risks in order from largest severity to lowest severity levels and indicate if each risk is positive (opportunity) or negative (threat).

Qualitative Risk Analysis ProbabilityThreatsOpportunitiesProbabilityVery High 90% Very High 90%High 70% High 70%Medium 50% Medium 50%Low 30% Low 30%Very Low 10% Very Low 10% Negative ImpactPositive Impact Very Low 10%Low 30%Medium 50%High 70%Very High 90%Very High 90%High 70%Medium 50%Low 30%Very Low 10%

Risk Categories

The four categories that could occur in a program development project are:

1. Technical Risk
2. Management Risks
3. Financial Risks
4. Operational Risks
5. External Risks

Risks

Technical Risks:

1. Negative Risk: Bugs are a major issue in software development and they can be complex and hard to workaround which might cause the project to be delayed and cost more money and effort.
2. Positive Risk: The software development team can find better ways to write the code to develop the software, which will increase efficiency and lower the cost of maintenance.

Management Risks:

1. Negative Risk: Miscommunications can happen and they do lead to the breakdown of the team which might cause delays and prolong the project leading to more cost and time to get the project done.
2. Positive Risk: The project manager could come up with a management method that can increase productivity and speed up the project completion timeline.

Financial Risks:

1. Negative Risk: The Timeline of the project could be prolonged due to unpredicted issues which would cost the project more going over the set budget.
2. Positive Risk: Successful communication with vendors and contractors could lead to reduced costs which might lower the budget of the project.

Operational Risks:

1. Negative Risk: The development of the software could be delayed due to the lack of the right and regular testing or the negligence of unresolved issues such as bugs and irregularities.
2. Positive Risks: The team might be able to coordinate better which would lead to completing tasks faster, leading to a jump in the project timeline completion.

External Risks:

1. Negative Risks: unpredicted risks can happen wither we plan for them or not, so sudden changed could accrue to the overall structure of the project or the environment weather could cause the project to be delayed leading to more cost or in some cases the determination of the project due to natural causes.
2. Positive Risk: The software development industry is always changing so competitors products could fail or fall of the market which will lead to more opportunities for other products and ours.