Risk Assessment
The Risk Assessment process step involves evaluating potential risks to the project or organization that may impact its objectives, scope, timeline, budget, or quality. This assessment is a critical component of risk management, as it allows for the identification and prioritization of hazards and uncertainties that could affect the project's success. During this process, stakeholders collaborate to analyze and discuss possible threats, considering factors such as likelihood, consequence, and mitigating actions. The outcome of this step provides valuable insights into the potential risks that need to be addressed through risk mitigation strategies, contingency planning, or adjustments to the project plan itself, ultimately ensuring a more informed decision-making process regarding resource allocation, budgeting, and schedule management.