There are various risk comes associated with project management. Although, project risk the most understood one, product risk also play a tremendous impact in the feasibility of the project. Project risk involve such things as going over-budget, missing key milestones or deadlines, issues of resource availability, scope-creep, lack of support from higher management and so on. While product risk refers to a set of things that could go wrong with the service, software or whatever being produced by the project. In the same way that project risks are quantified (using likelihood and impact) product risks should also be categorized and measured. The main difference with a product risk is that it is normally, but not always, mitigated by appropriate testing (in contrast, a project risk cannot be mitigated by testing). There are many methods to address products risks, depending on the specificity of the risk itself. One method could be to test things to find out if there is anything wrong with them in order to eliminate or reduce the possibility that it will fail in production. Identifying and evaluating product risks for their relative probability and impact leads, during the earliest part of project and test planning, to a clearer picture of what needs to be tested and provides a means to help in determining the effort, skills and techniques required to achieve a product with minimal residual risk.