All software projects have risk. Often the most valuable projects carry the most risk. Other industries also encounter risk and generate value by understanding and managing that risk effectively. Todd and Olav explore some of the techniques used in a number of risky businesses such as product development, oil and gas exploration, investment banking, medicine, weather forecasting, and gambling. They also present studies of software development uncertainties and highlight how software practitioners can learn from better understanding the uncertainties and dynamics. Through this process they introduce techniques and approaches to risk and risk management including utilizing real options and how this helps manage risk for software practitioners.