Risk Assessment
The Risk Assessment process step involves evaluating potential hazards or threats that could impact project deliverables, timelines, budgets, or overall success. This step requires identifying, analyzing, and prioritizing risks based on their likelihood of occurrence and potential impact. A risk register is typically maintained to document identified risks, their causes, effects, and assigned mitigation strategies. The process involves gathering input from stakeholders, assessing risks against established criteria, and determining the probability and severity of each risk. Once risks are assessed, a risk management plan can be developed, outlining actions to prevent, mitigate, or transfer identified risks. This step helps teams prepare for potential issues, make informed decisions, and ensure the project remains on track despite unexpected events or challenges.