Abstract. Complexity of software project management has been increasing rapidly in recent years. Project management strategies are evolving in order to address the complexity problems. A persistent struggle is to find an adequate balance between conflicting factors such as providing freedom and flexibility to software engineers in order to solve complex problems in a creative way while managing risks associated with freedom and flexibility. Risk based strategies for software project management appear to be promising. Potential risks are identified, analyzed, assessed and monitored. Appropriate steps are taken for managing imminent risks in a timely manner. This study suggests that communication risk plays a special role in software projects, because it interacts with other risks in startling ways. Interacting risks need to be studied at several levels with special attention to communication risk, because it could be considered as a super-risk. Current trends in software project management include analysis of all categories of risks such as technical risks, budget risks, scheduling risks, legal risks, ethical risks, operational risks, security risks, communication risks, project planning risks, and personnel risks that require timely intervention without restricting the creative power of executable software knowledge development.