Abstract
Software risks are a common phenomenon in the software development lifecycle, and risks emerge into larger problems if they are not dealt with on time. Software risk management is a strategy that focuses on the identification, management, and mitigation of the risk factors in the software development lifecycle. The management itself depends on the nature, size, and skill of the project under consideration. This paper proposes a model that deals with identifying and dealing with the risk factors by introducing different observatory and participatory project factors. It is assumed that most of the risk factors can be dealt with by doing effective business processing that in response deals with the orientation of risks and elimination or reduction of those risk factors that emerge over time. The model proposes different combinations of resource allocation that can help us conclude a software project with an extended amount of acceptability. This paper presents a Risk Reduction Model, which effectively handles the application development risks. The model can synchronize its working with medium to large-scale software projects. The reduction in software failures positively affects the software development environment, and the software failures shall reduce consequently.