What is Risk? Risk is defined as "the possibility of suffering harm or loss". It is also defined as "a measure of the probability and severity of adverse effects." In Software Development Life Cycle, risk can be defined “as a measure of the probability and severity of adverse effects inherent in the development of software that does not meet its intended functions and performance requirements.”

Any Software Project can have risks associated with it. Risks are inevitable in the SDLC process. But, why do risks creep in the SDLC process? Well, this can be attributed to the changes that occur in the Software Project Requirements, the changes in technology in use, changes in the project team members, etc.