Most of the software development projects bear risks that need analysis and management. Risk management plays a critical role for the success of software project management. In this study, we have used delphi method to delineate critical risk factors. The study pulls out 20 project risk factors from 21 project managers. It is certainly clear that certain features are more risky than others. Our study shows that unrealistic cost estimation and changes in scope and objective are more risky than other features.