Date Added: May 2011
One of the definitions of risk management is "The identification of the hazards and possible problems, the evaluation of their importance and the drawing up of plans to monitor and deal with those problems." Failure of some sort has been a common occurrence in the software development milieu. The survey indicates that more than 25% of all software development projects are cancelled outright before completion and something like 80% overrun their budgets. This paper describes a framework that can be used to document the knowledge gained through text book, domain experts and personal experience.