The ability of any industry to survive is dependent on its ability to execute its projects successfully. However, the success of any project depends on several influencing areas, which require reliable and regular attention by the project manager. Some of these areas are schedule management, finance management, change management, conflict management, etc. It is important to understand that each of the above mentioned areas come into view as risk if not managed in a righteous way. Software projects needs a lot of time and attention during its planning phase.