Abstract:
The objective of this article is to evaluate how
the risk management process is used in the software
development industry and how practitioners are
managing risks in early stages of a project. Further, a
description of how risk assessment might help to mitigate
risks associated to events that could occur to different
phases of a project life cycle will be presented. The core
of the research is the theoretical approach for designing a
simulation model to estimate costs prior to a project. In
the application part, this model is implemented using a
case study and the results of the estimation costs which
are analyzed and simulated using the theoretical
framework of Monte Carlo simulation model are
presented. In the conclusions section the final
recommendations are drawn up.
