Much effort has been put in order to identify the possible risks hindering the successful completion of software projects. Techniques in risk mitigation, management and monitoring plan devise the estimation process of risk likelihood and their possible impact on the progress of software project. Risk mitigation, monitoring and management are a thorough and continuous process, which aims to bring the potentially losing project to the safer shore. Hence, every phase of this plan is of equal importance. Generally more focus is maintained in the initial phases i.e. the identification and assessment of possible risks.