4 Common Risks In Software Development Projects

Sometimes, even the most elaborately planned projects can run into trouble. No matter how much thought you’ve put into a project, there is still some amount of risk associated with it. And, it’s no different with software development projects. Team members may quit, resources may become unavailable, and sometimes, there’s just nothing you can do about it.

But, does that mean that you are completely helpless?

Why is risk management becoming increasingly important for IT projects?

To evaluate the entire project

To plan for success

Other reasons why identifying the risks in software development projects is so important include maximising results, meeting the deadlines, and to be proactive rather than reactive.

What are some common risks in software development projects?

1. Tight Schedules

Sometimes, all you really need is more resources. Project managers call this strategy ‘crashing the schedule’ where more team members are tagged to the critical paths of the project. This reduces the time required significantly, but on the flip side, it can also create chaos if not handled properly. However, finding the right engineers can be quite a task. This is where some companies outsource their software development to external vendors for the duration of the project. Alternatively, going offshore and building your own development team and scaling it quickly, can also prove to be beneficial, especially in the long run.

Another strategy that can be implemented when faced with a tight schedule is fast-tracking. For instance, two teams can parallelly work on requirement analysis and development at the same time. As long as both the teams practice good communication, this technique can help deliver projects at a faster pace.

Source: World Economic Forum 2017

2. Budget Changes

Other times, your engineers may fail to understand the specific requirements of the project and add extra functionalities in an attempt to deliver an improvised version of the initial project. Even if the client didn’t ask for it, they are left with a better product but with a bigger price tag attached to it.

So, what can you do?

Double-check that your team is aware of the exact requirements of the project. Talk to them abuot the change control process and how they should only work on what is approved. If the list of requirements keep climbing, it’s time to take a step back and analyse which changes will lead to a better outcome, and which ones won’t. The key is to stay as close to the original goals and objectives of the project, without compromising on output quality.

3. Technical Difficulties

In such scenarios, risk management plays a crucial role. Identifying the risks and their impacts on the project, remediation, and monitoring becomes the highest priority. You can start by identifying and documenting the controls currently in place to manage the identified risks. The risks remaining after these controls, also known as residual risks, must be addressed while designing your strategies. These strategies are known as risk mitigation strategies.

Risk mitigation may involve one or more of the following — transferring the risk to an external party, financing it, avoiding it entirely, or accepting it. Developing the right strategies will help manage risks to an acceptable level. At the end of the day, the goal is to mitigate the risks to the point where the cost of mitigation outweighs the potential benefit.

4. Poor Management

The right project manager will be able to efficiently plan devise strategies that ensure that the risks associated with the project are minimised. Further, by practicing effective communciation with the teams, building a strong organisational framework, and implementing elaborate documentation processes, the percentage of projects that fail can be significantly reduced.

If you want to know how you can avert these risks in software development by building your ideal team of developers in India, feel free to reach out to us by filling out the contact form. One of our senior executives will get back to you within 24 hours.

Source : https://thescalers.com/risks-in-software-development-projects/