Software product companies who say, “We are an entrepreneurial company. We cannot be afraid of risk” may have to rethink that statement. This is due to the fact that every software development project comes with a sizeable amount of risk and this risk has to be minimized to the level where a project becomes successful and the product can be released without any major disaster.
Risk is the key to many tough decisions, for example: What is the best lifecycle model to use? How much requirements work is enough? How much design work is enough? Can junior staff be used instead of senior staff and where? How much schedule buffer is needed?
A risk management plan can help minimize unforeseen developments. Risk management is a set of practices which aids in analyzing many software development issues viz. assessing overall project risk and identifying, prioritizing, and managing specific risks.
Some examples of in-built risk management are active project tracking, UI prototyping, end-user involvement, incremental delivery and upstream technical reviews. This cyclic order has to be maintained for a software product being developed to be a success.
While every risk cannot be controlled, it can be identified, and solutions for the ones with the maximum impact can thus be developed. Good software development therefore calls for an effective Risk Management Plan.
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"Online communities, iterative methodologies and software scalability" with Andres Camacho - Vice President of Engineering at Vinfolio 
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