Controlling software project risks: an empirical study of methods used by experienced project managers

The failure rate of software projects has been proven to be very high, and the incidence of failure is becoming worse as more companies venture into software development. Risk management is a collection of methods aimed at minimising or reducing the effects of project failure. This research report has focused on experienced project manager's perceptions of software project risks and controls. It reports on the more significant risks and controls that are utilised to reduce the occurrence of the risk factors, or minimise the impact of various risks. Risk factors involved in software projects along with controls to mitigate these factors were identified in the literature. These were then used in an empirical study to determine their importance and frequency of occurrence. The effectiveness of various controls to reduce the occurrence of risk factors was also identified and discussed. Experienced project managers were found to use certain controls more than inexperienced project managers, particularly 'assign responsibilities to team members' and 'stabilise requirements and specifications'.