Explain Risk Estimation or Risk Projection -

Establish a scale that reflects the perceived likelihood of a risk (e.g., 1-low, 10-high)
Explain the consequences of the risk
Estimate the impact of the risk on the project and product
Note the overall accuracy of the risk projection so that there will be no misunderstandings

Risk mitigation (proactive planning for risk avoidance)
Risk monitoring (assessing whether predicted risks occur or not, ensuring risk aversion steps are being properly applied, collect information for future risk analysis, attempt to determine which risks caused which problems)
Risk management and contingency planning (actions to be taken in the event that mitigation steps have failed and the risk has become a live problem)
The goal of the risk mitigation, monitoring and management plan is to identify as many potential risks as possible
When all risks have been identified, they will then be evaluated to determine their probability of occurrence
Plans will then be made to avoid each risk, to track each risk to determine if it is more or less likely to occur, and to plan for those risks should they occur
It is the organization’s responsibility to perform risk mitigation, monitoring, and management in order toproduce a quality product.
The quicker the risks can be identified and avoided, the smaller the chances of having to face that particular risk’s consequence
The fewer consequences suffered as a result of good RMMM plan, the better the product, and the smoother the development process

To mitigate this risk, you would develop a strategy for reducing Among the possible steps to be taken are:

Meet with current staff to determine causes for turnover (e.g., poor working conditions, low pay, and competitive job market).
Mitigate those causes that are under your control before the project starts
Once the project commences, assume turnover will occur and develop techniques to ensure continuity when people leave
Organize project teams so that information about each development activity is widely dispersed
Define work product standards and establish mechanisms to be sure that all models and documents are developed in a timely manner
Conduct peer reviews of all work (so that more than one person is “up to speed”).
Assign a backup staff member for every critical technologist

The project manager monitors factors that may provide an indication of whether the risk is becoming more or less likely
In the case of high staff turnover, the general attitude of team members based on project pressures, the degree to which the team has jelled, inter-personal relationships among team members, potential problems with compensation and benefits, and the availability of jobs within the company and outside it are all monitored
In addition to monitoring these factors, a project manager should monitor the effectiveness of risk mitigation steps
The project manager should monitor work products carefully to ensure that each can stand on its own and that each imparts information that would be necessary if a newcomer were forced to join the software team somewhere in the middle of the project

Risk management and contingency planning assumes that mitigation efforts have failed and that the risk has become a reality
If the mitigation strategy has been followed, backup is available, information is documented, and knowledge has been dispersed across the team
In addition, you can temporarily refocus resources (and readjust the project schedule) to those functions that are fully staffed, enabling newcomers who must be added to the team to “get up to speed”. Those individuals who are leaving are asked to stop all work and spend their last weeks in “knowledge transfer mode.”