A Stochastic Simulation Model for Risk Management Process

Risk management is widely accepted as a routine activity in software project management. A simulation model for risk management process can facilitate practitioners in risk management in many aspects, such as understanding of risk management process, predicting risk management outcome, and making informed risk management decision. However the modeling and simulation for software project risk management process is quite limited. In this paper, we propose a stochastic simulation model with due consideration of time element which has not been explicitly modeled. Based on that, a simulator is built for practical use. We also validate our simulation model.