RMMM | Risk Management | Project Management in Software Engineering

R.M.M.M | Risk Mitigation Monitoring and Management:

R.M.M.M stands for risk mitigation, monitoring and management. There are three issues in strategy for handling the risk is

• Risk Avoidance 
• Risk monitoring 
• Risk management

Risk Mitigation:

• Risk mitigation means preventing the risk to occur  (Risk Avoidance). Following are the steps to be taken for mitigating the risks. 
• Communicate with the concerned staff to find of probable risk.
• Find out and eliminate all those causes that can create rick before the project starts. 
• Develop a policy in an organization which will help to continue the project even though some staff leaves the organization. 
• Everybody in the project team should be acquainted with the current development activity. 
• Maintain the corresponding documents in timely manner. This documentation should be strictly as per the standards set by the organization. 
• Conduct timely reviews in order to speed up the work. 
• For conducting every critical activity during software development, provide the additional staff if required.

Risk Monitoring:

• In risk monitoring process following things must be monitored by the project manager..
• The approach of the team members as pressure of project varies. 
• The degree in which the team performs with the spirit of "team-work". 
• The type of co-operation among the team members.The types of problems that are occurring.Availability of jobs within and outside the organization. 
• The project manager should monitor certain mitigation steps. For example: If the current development activity is monitored continuously then everybody in the team will get acquainted with current development activity. 
• The objective of risk monitoring is to check whether the predicted risks really occur or not. To ensure the step defined to avoid the risk are applied properly or not. To gather the information which can be useful for analyzing the risk. 

Risk management:

• Project manager perform this task when risk becomes a reality. If project manager is successful in applying the project mitigation effectively then it becomes very much easy to manage the risks. 
• For example, Consider a scenario that many people are leaving the organization then  if sufficient additional staff is available, if current development activity is know to everybody in the team, if latest and systematic documentation is available then any 'new comer' can easily understand current development activity. This will ultimately help in continuing the work without any interval.

R.M.M.M Plan:

•     The R.M.M.M plan is a document in which all the risk analysis activities are described. Sometimes project manager includes this document as a part of overall project plan. Sometimes specific R.M.M.M plan is not created, however each risk can be described individually using risk information sheet. Typical template for R.M.M.M plan or risk information sheet can be,

Final Words: The Risk information sheet can be maintained by database systems. After documenting the risks using either R.M.M.M plan or risk information sheet the risk mitigation, monitoring and analysis activities are stopped.