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Risk burndown chart shows the cumulative severity of project risks as the project progresses through the iterations. A new risk may arise, or an existing risk may be closed because it is no longer considered relevant.
Risk severity = risk probability x risk impact
Iteration Zero is an iteration that the agile teams use to set the stage and prepare the tools for their work.
Iteration H (Hardening iteration) is the last iteration for the post-processing work. Iteration H is used, for example, to stabilize the code, compile the final code, create the product documentation, and perform final testing.
Spikes are time-boxed short efforts conducted to investigate and reduce the risk. Spikes allow to check if the project worth investment, make a better estimation of the work, and make experiments with the existing options to conduct the work.
Spikes are especially useful when an agile team is unfamiliar with or wants to try a new technique, technology or tool.
An architectural spike is a special spike that is performed as a proof-of-concept and an analysis of architectural options and their feasibility to test the approach. Architectural Spikes are performed as part of iteration Zero or several weeks before the release planning.
PESTLE is a predefined list of risk categories that can serve as a stimulus when identifying risks - PESTLE (political, economic, social, technological, legal, environmental).
Four risk response strategies for threats include:
Avoid – risk avoidance can only be achieved if the cause of the risk is removed from the project. Then, the probability of the risk would be ZERO.
Transfer – transferring liability to a third party, which can be done through insurance, outsourcing, guarantees, etc.
Mitigate – risk mitigation is intended to reduce the probability and/or impact of a risk, if it does occur.
Accept – acceptance can be reactive, meaning that risks are recognized but a conscious decision is made not to do anything about them. It can also be active acceptance, which means that a contingency plan is in place in case a risk occurs.
Four risk response strategies for opportunities include:
Exploit – Exploiting an opportunity can be seized by removing any related uncertainty.
Share – Sharing means sharing ownership of an opportunity with another party who may be in a better position to take advantage of the opportunity. Sharing must be a win-win situation.
Enhance – Enhancement means increasing the probability and/or impact of opportunities.
Accept – Acceptance in the case of an opportunity means taking no action to take advantage of the opportunity before it occurred.