1. Operational Risk: Risks of loss due to improper process implementation, failed system or some external events risks. Examples can be Failure to address priority conflicts, Insufficient resources or No proper subject training etc.

2. 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

3. Budget Risk: Wrong budget estimation or Project scope expansion leads to Budget / Cost Risk.  This risk may lead to either a delay in the delivery of the project or sometimes even an incomplete closure of the project.

4. Business Risk: Non-availability of contracts or purchase order at the start of the project or delay in receiving proper inputs from the customer or business analyst may lead to business risks.

5. Technical Environment Risk: These are the risks related to the environment under which both the client and the customer work. For example, constantly changing development or production  or testing environment can lead to this risk.

6. Information Security Risk: The risks related to the security of information like confidentiality or integrity of customer’s personal / business data. The Access rights / privileges failure will lead to leakage of confidential data.

7. Programmatic Risks: The external risks beyond the operational limits. These are outside the control of the program. These external events can be Running out of fund or Changing customer product strategy and priority or Government rule changes etc.

8. Infrastructure Risk: Improper planning of infrastructure / resources may lead to risks related to slow network connectivity or complete failure of connectivity at both the client and the customer sites. So, it is important to do proper planning of infrastructure for the efficient development of a project.

9. Quality and Process Risk: This risk occures due to

1. Incorrect application of process tailoring and deviation guidelines
2. New employees allocated to the project not trained in the quality processes and procedures adopted by the organization

10. Resource Risk: This risk depends on factors like Schedule, Staff, Budget and Facilities. Improper management of any of these factors leads to resource risk.

11. Supplier Risk: This type of risk may occurs when some third party supplier is involved in the development of the project. This risk occurs due to the uncertain or inadequate capability of supplier.

12. Technology Risk: It is related to the complete change in technology or introduction of a new technology.

13. Technical and Architectural Risk: These types of risks generally generally leads to failure of functionality and performance. It addresses the hardware and software tools & supporting equipments used in the project. The risk for this category may be due to — Capacity, Suitability, usability, Familiarity, Reliability, System Support and deliverability.

Apart from the above mentioned project risks, there is a common type of risk: Project Management Risk. This risk is related to following attributes:

1. Project Planning
2. Project Organization
3. Management Experience & Program Interfaces
4. Delay in getting approval for some of the work products from the customer or more requirement changes

1. Environmental factors
2. Organizational process assets
3. Project Scope Statement
4. Project management plan

Project Risk Management Planning Tools and Techniques: Meetings for planning and analysis are the primary tools for creating the Risk Management Plan, which is the output of this process. One of the ways that a project team can begin to define the types and sources of risk events is to create a Risk Breakdown Structure (RBS).

The Risk Breakdown Structure is one way to identify risks in a structured manner. It assists the team in conducting a systematic review of risks and development of responses to risks.

The Risk Management Plan can include a Probability and/or Impact Matrix for organizing the information that will be used during the Risk Identification process to prioritize and quantify risks, and it may in some cases show opportunities for the project as well. Common information in the matrix includes numerical and/or descriptive definitions of impact, negative and positive, and the probability of occurrence. The combination of probability and impact determines whether a risk is rated high, moderate, or low. These descriptors are rank ordered in a relative scale. Numerical scales can also be used.

Outputs of Risk Management Planning: The Risk Management Plan should describe the entire risk management process, including auditing of the process. It should also define the content and format of the Risk Register, reporting, and risk tracking.

1. Methodology Describes how risk management will be done on the project
2. Roles and responsibilities Defines the risk management team and their responsibilities for risk management activities
3. Budgeting Assigns budget for risk management activities to be included into the project cost baseline (project budget)
4. Timing Specifies when and how often the risk management activities appear in the project schedule
5. Risk categories Defines types and sources of risks to guide the Risk Identification process
6. Definitions Operational definitions for the project team to use to ensure consistency in the assessment of risks and opportunities
7. Probability and Impact Matrix Specific combinations of impact and probability, which lead to risk ratings such as high, medium, or low
8. Revised thresholds Revised or validated descriptions that trigger taking action; scope, quality, cost, and time thresholds may be different from each other
9. Reporting formats How to communicate risk activities and their results
10. Tracking How to document risk monitoring and management activities

The Risk Management Plan will be used throughout the life cycle of the project. As the team moves through the subsequent Risk Management Processes, the plan will be revised, updated, and improved.