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Abstract
Risks as uncertain conditions with negative consequences on a software project could increase the failure rate of a project if it is ignored. To identify the effectiveness of risk management strategies, a questionnaire survey among over 1000 software professionals was conducted. Post Hoc Multiple Comparison Test and Kendal’s non-parametric test were employed to analyse risk mitigation strategies in terms of effectiveness in reducing time and cost overruns. Findings reveal risk mitigation strategies related to the technical part are not as efficient as that in the managerial part such as the users’ involvement and commitment in reducing time and cost overruns.