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Risk Management is a proactive approach for the minimization of loss and maximization of the productivity. We have proposed a model for the Software Risk Management based on the Developer, Development process and the customer. This model concentrates on the each element with the qualifying benchmark and strategies so that the whole process is optimized. The model has been used for the calculation of the schedule based risk and it as been compared with the existing method. The results are discussed.

A Conceptual Model for the reduction of Time based risk in the Software Project Management