Assessment and management of software technical risk

Abstract
This paper addresses the modeling and management of software technical risk from the life-cycle perspectives of software development. It provides an overview of the emergence of software as a powerful instrument, an insight into the evolution of subspecializations in engineering, and an outline of the conceptual framework for the modeling and management of software technical risk. It establishes the foundations upon which the conceptual framework is developed. Basic concepts in software risk assessment are introduced, focusing on technical risk and on its distinction from nontechnical risk. The shift of importance from hardware to software and its profound implications on software technical risk management are discussed. The quintessential consequence of this shift, in which hardware assumes the component implementation role and software assumes the systems implementation role, is its total influence on the understanding and the assessment of software technical risk. The challenges and opportunities facing the professional community in the communication of technical risk are considered. The conceptual framework for the modeling and management of technical risk is then developed. Major forces and traits are identified. A holistic framework based on hierarchical holographic modeling is adopted. The assessment and management of risk should ultimately enable any organization involved in software development to meet its product quality and performance goals while controlling costs and schedule