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We present a simple, but powerful framework for software risk management. The framework synthesizes, refines, and extends current approaches to managing software risks. We illustrate its usefulness through an empirical analysis of two software development episodes involving high risks. The framework can be used as an analytical device to evaluate and improve risk management approaches and as a practical tool to shape the attention and guide the actions of risk managers.
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Lyytinen et al. (1996) studied this question.
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