Sometimes, even the most elaborately planned projects can still run into trouble. No matter how much thought you’ve put into a project, there is still some amount of risk associated with it. And, it’s no different with software development projects. Team members may quit, resources may become unavailable, and sometimes, there’s just nothing you can do about it.
But, does that mean that you are completely helpless?
No, you’re not. By using risk planning and identifying what can go wrong, you can take preventive actions to ensure that the technical risks in software development are altogether avoided or at least minimized. In this blog post, we’ll explore the 4 common risks in software development projects and how you can eliminate them by implementing the right project management strategies.
Why is risk management becoming increasingly important for IT projects?
There are several reasons why identifying the risks in software development projects has become the need of the hour. Some of them include:
- To evaluate the entire project
Studies show that over 32% of all projects fail due to shortsightedness. Effectively identifying the risks in a software development project allows you to determine the strengths, weaknesses, threats, and opportunities of that project. Thus, by planning ahead, you can evaluate the best course of action to ensure that the project is a sure success rather than turning a blind eye to the big picture.
2. To plan for success
Fundamentally, risk management involves making an exhaustive list of all the internal and external risks to the project. This involves identifying the risks, their probability of occurrence, their impact on the success of the project, and the proposed action. By devising the right strategies, you are well on your way to executing a successful project.
Other reasons why identifying the risks in software development projects is so important, include maximizing results, meeting the deadlines, and to be proactive rather than reactive.
What are some common risks in software development projects?
1. Tight Schedules
FACT
A PwC study of over 10,640 projects found that only 2.5% projects were completed successfully. The rest either failed to meet some of their original targets, missed the original budget or deadlines.
Source: Gallup
2. Budget Changes
3. Technical Difficulties
4. Poor Management
The right project manager will be able to efficiently plan devise strategies that ensure that the risks associated with the project are minimized.
Read more to know about risks in offshore software development in detail with examples.