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.
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