Risk Management:
Risk management is a series of steps that help a software team to understand and manage uncertainty. It’s a really good idea to identify it, assess its probability of occurrence, estimate its impact, and establish a contingency plan that─ ‘should the problem actually occur’. Risk management is a part of umbrella activities. Simplistically, you can think of a risk as something that you’d prefer not to have happen. Risks may threaten the project, the software that is being developed or the organization.