Risk in software development refers to unforeseen events that can positively or negatively impact a project's progress, results, or outcomes. There are several types of risk, including schedule risks from wrong time estimations, budget risks from incorrect costing, operational risks from failed processes or systems, and technical risks such as changing requirements. Key sources of risk include user involvement, unrealistic expectations, staff turnover, and an unclear project scope or specifications. Risk management involves identifying, assessing, prioritizing, and taking coordinated actions to minimize threats and maximize opportunities. Actions include measuring risks, minimizing their impact, communicating about risks, and continually monitoring and updating risk assessments.

1. MOHSIN AZAM AFRIDI

2.  What is RISK?
 What are Risk Types in Software Development?
 What are the Sources of Risk?
 How to Manage the Risk?

3. • An unforeseen/future uncertain event or activity that can impact the project's progress, result or
outcome in a positive or negative way. A risk can be assessed using two factors: impact and probability.
• Project Risk Management:
• Risk management is the identification, assessment, and prioritization of risks followed by coordinated
and economical application of resources to minimize, monitor, and control the probability and/or
impact of unfortunate events or to maximize the realization of opportunities.

4. • Schedule Risk:
• Wrong time estimation
• Resources are not tracked properly. All resources like staff, systems, skills of individuals etc.
• Failure to identify complex functionalities and time required to develop those functionalities.
• Unexpected project scope expansions.
• Budget Risk:
• Wrong budget estimation.
• Cost overruns.
• Project scope expansion.

5. • Operational Risks:
Risks of loss due to improper process implementation, failed system or some external events risks.
Causes of Operational risks:
• Failure to address priority conflicts
• Failure to resolve the responsibilities
• Insufficient resources
• No proper subject training
• No resource planning
• No communication in team.
• Technical risks:
• Running out of fund.
• Market development
• Changing customer product strategy and priority
• Government rule changes.

6. 
The Ten Top Universal Risk to Software projects are:
• 1. User involvement
• 2. Executive support
• 3. Requirements inflation (or scope creep)
• 4. Schedule flaws
• 5. Unrealistic expectations
• 6. Staff turnover
• 7. Project management
• 8. Specification breakdown
• 9. Technology and uncertainty
• 10. Not knowing what is stake.
• Risk Sources pdf:

7. • Measure - realise what risks you face, assess their probability and impact.(budget,dates, other
commitments)
• Minimise - identify what could be done to remove or reduce risks and do it.(Do something about it)
• Mention - speak to the sponsor, don't keep risks secret.(Who owns the project risk)
• Monitor - keep risks under review, monitor and reduce them as you go along.(use risk registers.+ don’t
manage minor risks)
• Modify - share your experience, update your company's risk checklists.(check for every stage at end +
project support function)

8. • http://www.hraconsulting-ltd.co.uk/risk-management.htm
• http://dl.acm.org/citation.cfm?id=548300
• http://en.wikipedia.org/wiki/Risk_management