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copied!<p>Risk Analysis is the planning process where you identify the types, probability and severity of the risks that might happen on a project. Typically a Project Manager would build this with input from the engineers and quality teams.</p> <p>Risk Mitigation is the plan for what to do about the risks identified by Risk Analysis. This can include a combination of plans to either:</p> <p>A) Risk avoidance: minimize the potential for those risks to materialize (by not doing the risky thing, i.e. by buying an off-the-shelf component or software package); </p> <p>B) Mitigation of the consequences: minimize the severity of risks if they do occur (have a contingency plan, add extra time and/or budget, do full back-ups etc); and/or </p> <p>C) Risk acceptance: be ready to deal with risks when they occur (a low probability or low impact of the risk compared to the cost of management might not be worth doing anything about them, if you're the sole developer and there is a probability of being hit by an asteroid it just might be worth simply accepting the risk). </p> <p>D) Risk transfer: let someone else bear the risk for you, someone who can handle it better, i.e. an insurance company or outsourced provider.</p> <p>The plan is usually coordinated by the project manager and implemented by just about everyone on the team.</p> <p>Risk analysis, risk mitigation and risk monitoring make up the process of risk management. And as with pretty much any process it is a continuous activity, meaning it needs to be performed throughout the project.</p>

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