Risk Management for Digital World

We’ve all heard the age-old carpentry adage “measure twice, cut once.” It’s excellent advice on the surface, but it also speaks to the more profound importance of proper planning and attention to detail on a macro level.

When it comes to software development, the field has its own set of planning principles, commonly known as the software development life cycle (SDLC):

• Planning: It starts with a project plan, looking at the market for the product or service, and getting feedback from those who will purchase it as well as from industry experts. An identification of the potential risks in the project is done with the goal of implementing the project with minimal risks.
• Requirements Analysis: Lists the design requirements of each software feature and capability that the software must include within its full implementation.
• Design and Prototyping: Architects develop one or more design approach plans, identify key technologies to use and desired toolsets to develop the product.
• Software Development: The product begins software development. The features are implemented that the previous requirements and design phases established.
• Software Testing: Quality assurance finds and reports software defects and retests.
• Deployment and Maintenance: The product releases to the market. As necessary, software defects are remediated, and new product features become available based on market feedback.

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