Risk analysis is the process of identifying the high-risk component from an application that must be tested with additional efforts. This process helps us to identify error-prone component from an application. The area identified during the process need to test more rigorously.
We need to perform Risk Analysis during the creation of test plan, also test plan should include the possibility of their occurrence and the impact of the risk. The test plan must address all the risk associated with the application. Your test plan must be able to provide the solution in case of risks pops up during the progress of application development.
How to process with the Risk Analysis?
First you need to categorize the risk and then we need to identify the level of risk. Whether it’s a high level, medium level or low level. Well, it depends upon the organization how they want to highlight the level of risk. The level of risk can be identified by using two factors called as likelihood and impact.
Likelihood: It is the chances of risk occurrence. Spending time of identifying the likelihood for each identified risk helps you to mitigate the risk if anything goes wrong. It’s somewhat related to the technical aspect of the project.
Impact: It is the effect of the risk if it happens. Identifying how much the business will hamper due to the occurrence of risk.
Risk Analysis is done using two-way called as Qualitative and Quantitative. You can do risk analysis using both ways or in a sequential manner one after another. Again if you want to use anyone out of it, you are free to do it. But make sure you are aware of the basic difference in between these two methods.