Author(s): Nikita Chhillar, Nisha Yadav, Neha Jaiswal

Project risk management is fundamentally the study of the art and science of recognizing, examining, and responding to risk all the way through the life of a project and in the finest interests of meeting intentions as well as the objectives of project. Usually, in software development, there are various types of software projects that each of them can be influenced by different type of risk. Therefore, it necessitates a distinctive appraisal process of the potential risks that may cause failure or loss of the project whenever they occur. There are actually number of risk assessment researches and investigations carried out in the direction of software projects. Risk management is project management for matures. It directs project managers to focus exclusively on what can be erroneous or incorrect, instead the more standard "if everything goes as planned" approach. Risk Management is a set of practices and sustains tools to identify, evaluate, and treat risks unambiguously. Risk management tries to reduce the possibility of a risk to arise and the impact which is generally loss caused by risks. Risk management is often disregarded in projects, but it can help in enhancing project success and victory by helping choose high-quality excellent projects, determining project scope and extent, and developing practical, sensible and realistic estimates.