Abstract
Risk management is a never ending process in the life cycle of a software project. For efficient risk management, it is necessary to have deep understanding of risk, its types, mitigation strategies so that either the risk is avoidable in future or the impact of the same can be brought down. This paper essentially deals with comprehensive understanding of risk from different perspectives and offers a solution-research methodology for efficient risk management. Risk is prioritised based on the impact that is measured with the help of essential parameters that are inevitable to complete the development cycle of the project. Authors have proposed enhanced risk analysis (ERA) approach to identify measure and calculate the occurrence of risk which can get prioritised. Based on the priority, solution is applied either to mitigate or to bring down the impact of these risks leaning towards the successful completion of the software development project on time.
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