Efficacy of Risk Assessment Models in Software Development

It is a fact that management of software projects has always been challenging and number of them results in failure that in return jeopardizes organizationʹs prospects. One of the reasons of high failure rate is that critical steps to assess and manage software project risks are not properly adapted. If risks are improperly assessed and prioritized, then it may become a precursor to waste of available time and money, it may also lead to dealing with those risks which are not likely to occur. In this research paper different risk assessment models have been studied, analyzed and compared, to determine their efficacy in the context of prevailing local software development environment. Therefore, models are correlated with the maturity of organizationʹs processes, using CMMI. Based on the study a model has been derived and suggested. Recommended risk assessment models will be useful for proper risk assessment early in project life cycle with a low budget incurred on risk assessment