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| Manage Risk Project Manager
|  | Participating Roles Responsible: Project Manager Business Analyst Accountable: Project Manager
### Overview Risk management is the discipline of identifying potential special cause events, estimating their likelihood of occurrence, planning through mitigation actions, or contingency planning for recovery after occurrence. Good risk management prevents chaos from creeping into the system of software engineering, maintaining trustworthiness, and maintaining reliability of results. # Entry Criteria Iteration Start Signal A scheduled event starting an iteration. Risks The risk work items for the project. Reports The Visual Studio Team System Reports for the MSF for CMMI® Process Improvement project. Issues The open issue work items for the project. When: On-going as part of the Operations Management Track. # Activities
1 | Identify Risks | Identify potential new special cause events which would impact the execution of the project.
2 | Analyze Risks | Analyze potential risks and categorize their likelihood of occurrence, impact schedule, budget, resources and quality, potential mitigation actions, estimated cost in time, budget or resources for mitigation action, trigger events or metrics thresholds, and alternative contingency plans for recovery in the event of occurrence.
3 | Select Risks for Mitigation | Based on the analysis, select risks to be mitigated against risks that will be accepted, carried, and monitored for triggering of mitigation or contingency actions.
4 | Prioritize Risks for Mitigation | Optional Prioritize the tasks for mitigation based on the likelihood of occurrence and impact of the risk associated with the mitigation task.
5 | Plan Mitigation Action | Optional Break the mitigation action into tasks. Schedule the tasks and allocate resources for each one.
6 | Implement Mitigation Action | Optional Perform the tasks associated with the mitigation action.
7 | Monitor Risks | Monitor risks daily for mitigation triggers or occurrence which would trigger contingency plan actions. Update the risk list with new risks (if identified) and proceed to analyze and plan for mitigation (if required).
8 | Implement Contingency Plan | In the event that a risk occurs, implement the contingency plan in order to recover from its impact and restabilize the software development process.
# Exit Criteria
| One or more tasks for mitigation of identified and prioritized risks selected for mitigation.
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