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Risk management is one of the crucial activities which identifies and manage all the risk that can occur in the project life cycle. There are number of risks that can strike a software project during its like cycle. Risk is a name given to any potential event/ situation that have one or the other negative effects on the ability of the project plan. Risk is an exposure to any loss in relation to any injury, loss, element, thing etc. Risk is something that is related to a project may result to decrease the quality or halt the process such that the constraints of project are not met. The different risks have different solutions such as to avoid the risk, mitigate the risk, and transfer the risk or to accept the risk. Risk management process has two main divisions ad risk assessment and risk control. The risk assessment process consists of two categories as risk identification and risk analysis and prioritisation. Risk Identification refers to the factors which can arise negative probability for the project. In this stage, the risk are identified and named. This task use combination of brainstorming and reviewing of standard risk list. There are different types of risk which are needed to identify.
Business Risk is ongoing risk that is needed to handle by the business. Generic risks are risk to all projects.
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