Importance of risk analysis in software projects can be judged from the fact that, no Program Growth Life Cycle is considered as complete unless it has passed through effective consideration to places having several kinds of risks associated with them.
The insecure places covered under the procedure of risk analysis are
1) Evaluation of Risk
2) Characterization of Risk
3) Communication of the Risk
4) Risk Management
5) Interpreting the Risk Relevant Policies
Following terms associated with Risk Research need to be understood clearly
Let us try to understand as to what is Risk Analysis?
It is a strategy employed to identify and evaluate various aspects, which may endanger the achievements of a venture or achieving a goal. These aspects can cause some sort of threat to the venture. Thus risk analysis contains the procedure of scientific assessment of such risks susceptible to the attainment of the organizational goals.
Risk analysis strategy is beneficial in defining safety actions to reduce the possibility occurrence of such threatening aspects. It contains identification of various countermeasures to successfully deal with such constraints with an objective to prevent harmful results on the company's competitiveness in the trade.