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Understanding Software Risk Management

Any software project involves various types of risks.  Software Risk Management (SRM) helps to mitigate these risks and thus ensure project success. Some of the typical risks involves in a software project are:

  • Technical Risks: This includes issues with the project size, functionality, technology, languages, platforms, methodology, standards, processes etc. The reason for these risks could be the constraints, inexperience of the resources involved, lack of clarity in parameters, lack of control etc.
  • Management Risks: This includes lack of experience and training, lack of planning, issues in communications, organizational problems, control issues and lack of clarity in authority.
  • Financial Risk: Cash flow issues, capital and/ or budgetary problems and ROI constraints.
  • Contractual and Legal Risks: This involves issues with changes in scope, requirements, fluidity in schedules, health & safety factors, regulations, product warranties etc.
  • Personnel Risks: This includes issues with staffing, training, conflicts, productivity problems, ethics and moral standards.
  • Miscellaneous Risks: This involve issues relating to other factors which can influence the success of the project such as unavailability or delayed delivery of equipment, lack of tools, facilities, geographically spread locations, slow response times etc.

The objective of software risk management is to contain and these different risks so as to successfully complete the software project and gain the benefits through it. The software risk management plan thus is designed to focus on the specific project risks, identify potential issues and come up with contingency plans to address the issues. By doing this the potential failure of the software project can be reduced substantially.

The most common reasons for implementing a strong software risk management plan are:

  • Avoid project disasters, budget and schedule over-runs, bugs or errors in the software deliverables and operational issues.
  • Avoid costs of rework due to errors, gaps in requirements, design or code issues. These if present enhance the software development costs by 50%.
  • Ensure that there is no overkill in terms of identification and prevention of issues where the risk is not significant.
  • Develop a software solution which is meets the customer needs perfectly.

Leveraging Facebook Promotions

                                                     

Social media marketing is a major part of every business strategy for companies both big and small. Companies such as Dell, Caterpillar, Amazon and others are leading the social media bandwagon and showcasing the benefits that they are able to harness from it. Thanks to social media, aggressive marketing is no longer a privilege that only the big players enjoy. Social media have created a level playground wherein everyone – small or big, can leverage the benefits.

 

To gain from Facebook promotions, it is important to have a well thought out promotion strategy in place.

  • The first step is to decide the objective of the promotions. Is it to have a growing fan-base? Do you want to get the market to sample your product? Are you trying to increase the product awareness?
  • Next, you need to frame the strategies for achieving these objectives. These could involve price discounts, freeware, coupons, samples, contests etc.
  • Once the strategy is in place, you need to choose the right Facebook application. It is important to go through the promotion guidelines laid out by Facebook so as to not violate any rules.

The reason Facebook promotions are a big success is because of their ability to localize the promotions and the in-depth customer profiling they offer. Customizing your campaign to meet the customer’s needs and tastes is the best marketing promotion and thanks to Facebook, it is a possibility! Utilizing third-party tools such as Edgerank Checker would help in creating focused campaigns which can convert into valuable leads for the company.

It would be a good idea to analyze some successful examples of Facebook promotions before you start on your own.