The paper is concerned with the risks associated with software development and with the range of factors that can impact on the quality of the project management process. The management goal is to mitigate these risks leaving the project plan as unperturbed as possible. To achieve this goal risk analysis must attempt to identify the high risk elements of the project, provide ways of documenting the impacts of risk mitigation strategies and review the risks on a continuing basis as the project proceeds. A model is proposed for such risk analysis and to demonstrate its realization in a risk management tool, ProRisk.