A Risk is defined as "The possibility of suffering harm or loss; danger." Software Risk Management may be defined as a well defined, continual set of activities that together with the necessary tolls and metrics can be used to identify, analyze and mitigate the risks involved in the Software Development Life Cycle (SDLC) of Software Projects through the usage of well defined policies, procedures and practices. You can find my article on Software Development Life Cycle (SDLC) here.

Risk Management is an important practice in the SDLC processes. Risks are applicable to a wide variety of industries; however, this article would focus on Risk Management applicable to SDLC only. It deals with Risk Management in Software Project Management, and the Risk Mitigation Strategies, Risk Assessment, Risk Control and how one can design an efficient Risk Management Plan to address the risks involved in SDLC processes. It outlines the methodologies that can be followed to reduce risks and increase the chances of Software Project success.