Software Safety is a software SQA activity that focuses on identification of potential hazards that may affect software negatively and cause an entire system to fail. Modeling and analysis process is conducted as part of software safety and hazards are identified and categorized by criticality and risk.
Analysis and management of project risks is also a very important activity that a project manager must perform in order to improve the chances for the project. Robert Charette defines risk as follows:
Risk concerns future happenings. Today and yesterday are beyond active concern. The question is, can we, therefore, by changing our action today create and opportunity for a different and hopefully better situation for ourselves tomorrow. This means, second, that risk involves change, such as changes in mind, opinion, action, or places. … [Third,] risks involve choice, and the uncertainty that choice itself entails.