Review of Risk Management Methods

Project development, especially in the software related field, due to its complex nature, could often encounter many unanticipated problems, resulting in projects falling behind on deadlines, exceeding budgets and result in sub-standard products. Although these problems cannot be totally eliminated, they can however be controlled by applying Risk Management methods. This can help to deal with problems before they occur. Organisations who implement risk management procedures and techniques will have greater control over the overall management of the project. By analysing five of the most commonly used methods of risk management, conclusions will be drawn regarding the effectiveness of each method. The origin of each method will be established, along with the typical areas of application, the framework of the methods, techniques used by each and the advantages and disadvantages of each of the methods. Each method will be summarised, then an overall comparison will be drawn. Suitable references will be included to highlight features, along with diagrams and charts to illustrate differences in each approach.