Essay about Business Practices For A Select Risk Management

937 Words Nov 2nd, 2015 4 Pages
The purpose of this report is to review the existing literature and business practices for a select risk management topic, which involves on Financial risk, Pandemic, Natural disaster, Engineering failure and Business continuity etc.

What is Risk? (Neil, 2015)Risk is the probability or threat of quantifiable damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action. The ISO 31000 (2009)/ ISO Guide 73:2002 defined Risk as the effect of uncertainty on objectives. Whereby uncertainty could include events (which may or may not happen) and uncertainties caused by ambiguity or a lack of information. (Neil, 2015)

What is Risk management? (Dorfman, 2015)Risk management is the effect of uncertainty on objective followed by coordinated and economical application of resources to minimize, monitor, and control the probability and or impact of unfortunate events or to maximize the realization of opportunities. (Neil, 2015) According to this report requirement to choose a topic related to risk management, this document will be elaborating on risk management in software engineering. Risk management in software engineering are those future harms which is possible to occur on the software due to some minor or non-visible mistake in software development project or process.

(Hooman Hoodat, 2009) Now a day’s software project management has…

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