Enhancements in Software Project Risk Management

Abstract. This paper presents the DNV approach to project risk man-agement. It enhances most of the known approaches in two ways. First, it adds an initiation phase at the start of the process, before risk identica-tion is started, in which the project objectives are dened. Knowing the project objectives it is much easier to identify risks and link them to the project objectives they have an impact on. The second aspect is the pos-sibility of creating a risk model that includes all risks and their impact on various objectives, capturing their complex interaction. This way, the total risk picture of the project can be modelled and estimated, and un-certainties that aect more than one objective (often favourable against one objective, unfavourable against another) can be handled correctly. The presented (generic) ideas enhance and enrich currently available ap-proaches for software project risk mangement