There is little to instruct software project managers on how to handle risk in a way that ensures the success of contingency planning and avoids crisis. This seven-step procedure describes how to identify risk factors, calculate their probability and effect on a project, and plan for and conduct risk management.< <ETX xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">></ETX>
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Richard E. Fairley (1994) studied this question.
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