ABSTRACT
The original meaning of risk is associated with gambling — to risk is to gamble. Cost and causes of risks can be added to the minimum list. Several attributes can also be used to describe risk in more detail. Risk expression is enabled by a risk classification system, which defines all the perceived attributes of risks. In building a risk culture, it is essential to share the glossary with all decision makers and achieve common terms of reference. A few software development methods have admirable inherent risk treatment abilities. Maintenance projects need risk management. Risk management reduces the cycle time and customer satisfaction is improved. Some maintenance projects deal with enhancements. Decision analysis practitioners take risk analysis in their stride. All decision analysis methods consider risk and payoffs in decision alternatives and allow the decision maker to make optimum choices.
