Thanks to my brother, got a chance to attend an conference on risk management.It was enlightening and proved very useful in clearing my confusion. Actually from the past 3 year i was planning to start something of my own ...and always risk involved in the new project have stopped my sailing but yesterday lots of bad air got cleared ...i don't  know about others but I personally enjoy  being around intellectuals....and that too when they help you to take important decisions.So let me Share some of my understanding with you . 

Risk management is an important part of project management.

Here are some examples of common project risks:

• Time and cost estimates too optimistic
• Customer review and feedback cycle too slow
• Unexpected budget cuts
• Unclear roles and responsibilities
• Stakeholder input is not sought or their needs are not properly understood
• Stakeholders changing requirements after the project has started
• Stakeholders adding new requirements after the project has started
• Poor communication resulting in misunderstandings, quality problems and rework
• Lack of resource commitment

Risks can be tracked using a simple risk log. Add each risk you have identified to your risk log and write down what you will do in the event it occurs and what you will do to prevent it from occurring. Review your risk log on a regular basis adding new risks as they occur during the life of the project. Remember, when risks are ignored they don't go away.

Project management is somehow incomplete without risk management. Longevity of any project is depend on its risk management.