What is the difference between the “Known Risks” and "Predictable Risks”?
Subject
Software Engineering
Standard
Computer Science Engineering
Views
836
Asked By
Knowledge
Answer / Solution
Known risks and predictable risks are both types of risks that can occur during a software development project. However, there are some key differences between the two.
Known risks are risks that have already occurred in the past or are currently occurring. For example, a known risk might be that a particular developer has a history of missing deadlines. Predictable risks, on the other hand, are risks that have not yet occurred but are likely to occur based on past experience or trends. For example, a predictable risk might be that a new software project will experience scope creep.
Known risks are typically easier to manage than predictable risks because they are already known and understood. For example, if a developer has a history of missing deadlines, the project manager can take steps to mitigate that risk by assigning the developer to tasks with shorter deadlines or by providing the developer with additional resources. Predictable risks, on the other hand, can be more difficult to manage because they are not yet known and understood. For example, if a project manager knows that a new software project is likely to experience scope creep, the project manager can try to mitigate that risk by creating a detailed project plan and by setting clear expectations with the stakeholders.
Despite the challenges, it is important to manage both known and predictable risks. By taking steps to mitigate risks, project managers can help to ensure that their software development projects are successful.
Here are some additional things to keep in mind when managing known and predictable risks:
- Risk assessment: The first step in managing any risk is to assess the risk. This involves identifying the risk, determining its probability of occurrence, and estimating its impact.
- Risk mitigation: Once a risk has been assessed, it is important to mitigate the risk. This can be done by taking steps to reduce the probability of occurrence or to reduce the impact of the risk.
- Risk monitoring: It is important to monitor risks throughout the software development project. This involves tracking the risk, re-evaluating the risk, and taking any necessary steps to mitigate the risk.
By following these steps, project managers can help to ensure that their software development projects are successful.
Answer / Solution
"Known risks" and "predictable risks" are two terms that refer to different aspects of risk management. Here's a breakdown of the differences between the two:
Known Risks:
Known risks are the risks that have been identified and documented based on past experiences, historical data, and existing knowledge. These risks are typically well-documented and understood within a particular domain or industry. Known risks are predictable in the sense that they have been encountered before and their potential impact and likelihood can be estimated based on previous occurrences.
Organizations often maintain a repository of known risks, which may include various categories such as financial risks, operational risks, technological risks, legal risks, and so on. Known risks are typically managed through established risk mitigation strategies, such as risk transfer (e.g., insurance), risk reduction (e.g., safety measures), or risk avoidance (e.g., discontinuing high-risk activities).
Predictable Risks:
Predictable risks, on the other hand, refer to risks that can be reasonably anticipated or foreseen based on existing knowledge, analysis, or trends. These risks are not necessarily experienced in the past but can be identified through careful assessment and analysis of relevant factors. Predictable risks may arise from emerging trends, changes in the external environment, evolving technologies, or shifts in market dynamics.
While predictable risks may not have occurred before, they can still be identified and managed proactively. This involves conducting thorough risk assessments, scenario planning, and using predictive tools and techniques to anticipate potential risks. By identifying predictable risks in advance, organizations can develop contingency plans, implement risk mitigation measures, and make informed decisions to minimize potential negative impacts.
In summary,
Known risks are those that have been encountered in the past and are well-documented, while predictable risks are risks that can be reasonably anticipated based on existing knowledge and analysis, even if they have not been experienced before.
Both types of risks are important to consider in effective risk management practices.
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