Phase 2:- Risk management

Q. What is Risk. How many types of risk.
Ans:- Risk is the possibility of a negative or undesirable outcome or event.
There are two types of risk
1) Product or quality risk:-  potential problem is called a product risk.This risk directly related to the test object.
2) Project or planning Risk:- A risk related to management and control of the (test) project, e.g., lack of staffing, strict deadlines, changing requirements, etc.

Not all risks are equal in importance. There are a number of ways to classify the level of risk. The simplest way is to look at two factors:

A) The likelihood of the problem occurring
B) The impact of the problem should it occur
Likelihood of a problem arises primarily from technical considerations, such as the programming languages used, the bandwidth of connections, and so forth. The impact of a problem arises from business considerations, such as the financial loss the business will suffer, the number of users or customers affected, and so forth.

Note:- The primary effect of a potential problem is on the overall success of a project, those potential problems are called project risks. Some people also refer to project risks as planning risks. An example of a project risk is a possible staffing shortage that could delay completion of a project.

Q. What is the level of Risk
Ans:- The importance of a risk as defined by its characteristics impact and likelihood. The level of risk can be used to determine the intensity of testing to be performed. A risk level can be expressed either qualitatively (e.g., high, medium, low) or quantitatively.

Q. What is Risk manager
Ans:-Systematic application of procedures and practices to the tasks of identifying, analyzing, prioritizing, and controlling risk.test managers and test analysts report test results and project status in terms of residual risks.

Q. What does the analytical risk based testing strategy 
Ans:-
1) matches the level of testing effort to the level of risk.
2) matches the order of testing to the level of risk

Q what is risk identification
Ans.The process of identifying risks using techniques such as brainstorming, checklists, and failure history.

Q what is risk based testing
Ans:-Risk-based testing provides a way to prioritize and triage tests at any point in the lifecycle.risk-based testing allows us to identify and fills gaps in documents like requirements specifications that might result in big holes in our testing. It also helps to sensitize the other stakeholders to the difficult problem of determining what to test (and how much) and what not to test.

Q. What is risk control/risk mitigation?
Ans. The process through which decisions are reached and protective measures are implemented for reducing risks to or maintaining risks within, specified levels.
have you not any QA opportunity in your BU that suitable match to my experience?

Q.What is Failure Mode and Effect Analysis (FMEA).
Ans:-A systematic approach to risk identification and analysis in which you identify possible modes of failure and attempt to prevent their occurrence.