Risk management is one of the important soft skill in project management. The success of the project depends on various technical factors such as in-depth knowledge, enhanced techniques, skills, tools, and different processes. On the other hand, the risk of the project in areas of psychology and the economy is lack of knowledge about the desired project outcome. Risk will impact project goals such as time, cost and quality of the product. Risk management helps to analyze the problems involved in the project. The risk of the project can be predicted using various models, plans and tools such as Topsis Model and Business Plan. Public-Private-Partnership project research based on the theoretical framework and process of risk management, such as risk identification, risk classification, evaluation and risk sharing. The risk management process can be applied using hard and soft approaches. Hard approach concentrates on risk planning, risk identification, risk monitoring and control, risk analysis and response. The Soft approach involves a strategic approach to risks and uncertainties in communication and information.Time management is an essential asset to provide the ability to organize and plan day to day activities. In Project Management, it improves effectiveness and productivity. To complete the Project on time, Project manager needs to manage the time and schedule proper time for completion of each sub module in the project according to the number of available resources. If Project manager fails to manage the time, then the company may run out of time in delivering the product by the deadline phase. While Scheduling the time, one should consider the amount of the project need to be complete, providing enough time for the tester to process the test and giving schedule for fixing of the issues raised on the product in each phase and not to put overload of work for the team members by allotting small amount of time rather in a finish of hurry for completing the Phase which may finally deliver inappropriate product.