Risk are future uncertain events with a probability of occurrence and a potential for loss�. Risk identification and management are the main concerns in every software project. Effective analysis of software risks will help to effective planning and assignments of work.
Categories of risks:
Schedule Risk: Project schedule get slip when project tasks and schedule release risks are not addressed properly. Schedule risks mainly affect on project and finally on company economy and may lead to project failure. Schedules often slip due to following reasons:
1) Wrong time estimation 2) Resources are not tracked properly. All resources like staff, systems, skills of individuals etc. 3) Failure to identify complex functionalities and time required to develop those functionalities. 4) Unexpected project scope expansions.