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This paper investigates risk management processes and effective techniques for web based software projects implemented for different IT organizations. There is limited literature on what risk management processes & techniques software practitioners use. This paper tend to focus on application development for new requirement, software enhancement and application support projects. It investigates the criteria to identify, analyze, plan and control the risk. It also suggests important risk and risk categories and techniques perceived to address these risks and how effective those techniques are considered to be.
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