Irrespective of different research-based approaches toward risk management, developing a precise model towards risk management is found to be a computationally challenging task owing to critical and vague definition of the origination of the problems. This research work introduces a model called as PROM i.e. Predictive Optimization of Risk Management with the perspective of software engineering. The significant contribution of PORM is to offer a reliable computation of risk analysis by considering generalized practical scenario of software development practices in Information Technology (IT) industry. The proposed PORM system is also designed and equipped with better risk factor assessment with an aid of machine learning approach without having more involvement of iteration. The study outcome shows that PORM system offers computationally cost effective analysis of risk factor as assessed with respect to different quality standards of object oriented system involved in every software projects.

With the adoption of new technology and quality standards, the software development firms are still encountering the critical issues of risk modelling. With the changing dynamics of customer needs, potential competition has being mushrooming in the global IT markets to relay a new standard of software engineering which has higher capability of sustaining risk.  However, till date, it is still theoretical to large extent from research viewpoint. Hence, this paper presents a mathematical model called as 3LRM that is designed with the simple approach keeping in mind the real-time issues of risk factors in software engineering for ICT software development project. The study has also identified requirement volatility as one of the prominent source of risk and hence, the framework intends to identify a risk as well as mitigating the risk to a large extent. The paper is illustrated with some of the simple statistical approaches of random probability.

Extreme programming is an agile methodology for software development that performs very well with changing requirements. XP is one of the most commonly used methods among other agile methods. However, it is implemented sequentially on all activities Moreover; classical XP suffers from an architectural design. Therefore, there is a need for a framework that integrates the strengths of component based architecture refinement reusability into the Extreme Programming Methodology. Which gives a clear vision about a current architectural design requirement without any additional features that are not yet needed? And constantly redesigning through refinement and refactoring concept. The design is simple and loosely coupled as possible, thus making future modifications easier, and achieving the XP values i.e. simplicity and feedback. This will result in reusability of component architecture and to reduce the development effort, time and provide quality software.

With the adoption of new technology and quality standards, the software development firms are still encountering the critical issues of risk modelling. With the changing dynamics of customer needs, potential competition has being mushrooming in the global IT markets to relay a new standard of software engineering which has higher capability of sustaining risk. However, till date, it is still theoretical to large extent from research viewpoint. Hence, this paper presents a mathematical model called as 3LRM that is designed with the simple approach keeping in mind the real-time issues of risk factors in software engineering for ICT software development project. The study has also identified requirement volatility as one of the prominent source of risk and hence, the framework intends to identify a risk as well as mitigating the risk to a large extent. The paper is illustrated with some of the simple statistical approaches of random probability.