Risk in software project is any anticipated unfavourable event or possibility of incurring loss in the Project while the project in underway . It can hamper the successful and timely completion of project.
To Identify the risk in the Project is always remain the main concern for the management .
For successful completing the project Effective analysis of software risks becomes the task of high priority . Risk management consist of three essential activities: Risk identification,risk assessment and risk containment
Risk can effect following parameters of project :

i. Scope ii. Schedule iii. Effort iv. Quality v. Lost

To remove the possibility of risk in the project , Risk Management is implemented .
Risk Management is a practice for managing risk in the project By following establish process ,method and tools .

Risk Management Strategy :
A> Identify Method and tools used to Eliminate the risk (Mitigation) .
B> Frequency of Risk Monitoring\Reporting .
C> To Make effective contingency plan .
D> To Make attrition control plan .
E> To decide effective Risk response strategy .

Some of the Basic Examples of Risk :
- Running out of fund .
- Sudden changes of Government policies .
- Lack of knowledge about tools and techniques .
- Frequently changing requirement .
- Inefficient time for testing.