Discussion : "Risk Management"

Please respond to the following:

Risk management plays an important role within the software project management life cycle. Determine at least three techniques that can be used to identify and analyze project risk factors. Rationalize how these techniques can minimize project cost overruns, schedule delays, and defects.

Justify an approach that you would use to identify, prioritize, and mitigate risk within a large software development project management life cycle. Include example(s) to justify your answer.