GUD DAY 2 ALL???

1. What is Risk?
Risk is defined as "The possibility of suffering harm or loss; danger." Even if we're not familiar with the formal definition, most of us have an innate sense of risk. We are aware of the potential dangers that permeate even simple daily activities, from getting injured when crossing the street to having a heart attack because our cholesterol level is too high. Although we prefer not to dwell on the myriad of hazards that surround us, these risks shape many of our behaviors. Experience (or a parent) has taught us to look both ways before stepping off the curb and most of us at least think twice before ordering a steak. Indeed, we manage personal risks every day.

2.Identify at least 5 software risk. Discuss each.
a.)Staff Turnover: This kind of software can affect the success or failure of a project since in this situation. the working staff leave before the project is finished, so we can just imagine the scenario when there is staff turnover, so the whole project and the management will be put in "hot water".
b.) The project itself: This kind of software risks include inadequate configuration control, cost overruns and poor quality. Poor quality means the software either does not work very well, or it fails in operation repeatedly. So this is problem once it is encounter.
c.) Commercial software risks: A finished project may have lower user satisfaction. Lower user satisfaction means the product has low quality, functions inadequately, and has complex structures. Users are also displeased by excessive utilization of disk space or other hardware components requirements by the software.
d.) Hardware Unavailability: A kind of sofware risk where the needed hardware specifically needed of a certain project is not available on a certain schedule that is set that it would be use.
e.) Configuring the Project: This simply means that the project might be in jeopardy once the congifure is mistaken and there will be a great need for the project to reconstruct it again.

3. Identify risk managerment strategies.
Prevention strategies
Prevention strategies are those implemented to avert a risk. Some typical measures could be:
In the labor market, SRM intervention targets skill training or job function improvement to reduce the risk of un/under- employment or low wages which are probably man-made.
In the financial market, SRM emphasize on optimizing macroeconomic policies to reduce the shocks of financial crisis, such as oil price surges, or unpredictable market moves on currencies, indices and blue chip stocks.
For natural disasters and environment degradation, SRM are gear to deploy a networked warning system or sustainable, renewable and environmental friendly eco-system to minimize the impact of the consequences.
In health care, SRM focuses on the prevention of pandemic illnesses by implementing vaccination and public health education programs. Setting up rehabilitation centers to help drug addicts.
In the public social security, establishing a community-based insurance schemes to compensate pensioners, disability or chronic illness person's living expenses. Building up nursing homes for elderlies and setting up public housing for homelesses and orphans.

Mitigation strategies
Mitigation strategies focus on reducing the risk. Common practices are:
In the financial market, diversifying portfolios or hedging stocks to decrease the exposure of the financial risks.
Microfinance to the poor or jobless people.

Coping strategies
Coping strategies are designed to relieve the impact of the risk event once it has occurred. The typical examples are
Issuing government relieve fund or publicly raising money.
Setting up unemployment benefit schemes.

4. You are asked by your manager to deliver software to a schedule which you know can only be met by asking your project team to work unpaid overtime. All team members have young children. Discuss whether you sould accept this demand from your manager or whether you should persuade your team to give their time to the organisation rather that thier families. What factors might be significant in your decision?

5. As an IT student that has been trained for Java Programming, you are offered a home based job as a project manager for a certain software project, but you feel that you can make more effective contribution in a technical specifically doing progamming module using Java for the project rathee than a managerial role. Discuss whether you should accept the job.

References:
http://www.baz.com/kjordan/swse625/intro.html
http://en.wikipedia.org/wiki/Social_risk_management#Strategies