Any likelihood or uncertain & unwanted events and actions, which may impact the progress of a project in a negative way comes under the category of project risk.
Mainly, project risk is categorized under three classes.
These are the risk, associated with the management of the organization. Basically, organization risk refers to the shortage of human resources or any issue in respect to the testing team.
Organization risk may be identified by
Likelihood of the faults or any sort of loss, arising due to the technical loopholes or involving technical angle of the project is refer to technical risk such as
Any external force, event, action or condition, outside the project boundary either from the organization or from the client side, impacting the progress of a project comes under the class of business risk.
Usually, these types of risks are dealt with the project manager or the test manager.
Basically, these types of risks may be deal in the following manner:
Taking prior action or implementing strategies & methods to reduce the occurrence & impact of the risk. It usually involves three steps:
Equipping with a plan to lessen the chances of occurrence of the risk.
Persuading any other member of the team or the major stakeholders to reduce the probability of risk occurrence or may ready to accept the impact.
A better option is to ignore the risk, if nothing much could be done with it or if it is of low severity.