“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.

Budget Risk:

    1)  Wrong budget estimation.
    2)  Cost overruns
    3)  Project scope expansion

Operational Risks:

Risks of loss due to improper process implementation, failed
system or some external events risks. Causes of Operational
risks:

1) Failure to address priority conflicts
2) Failure to resolve the responsibilities
3) Insufficient resources
4) No proper subject training
5) No resource planning
6) No communication in team.

Technical risks:
Technical risks generally leads to failure of functionality
and performance. Causes of technical risks are:

1) Continuous changing requirements
2) No advanced technology available or the existing 
   technology is in initial stages.
3) Product is complex to implement.
4) Difficult project modules integration.

Programmatic Risks:
These are the external risks beyond the operational limits.
These are all uncertain risks are outside the control of the
program. These external events can be:

1) Running out of fund.
2) Market development
3) Changing customer product strategy and priority
4) Government rule changes.