Which process involves identifying, analyzing, and evaluating risks in a project?

The process that focuses on identifying, analyzing, and evaluating risks in a project is risk assessment. This process involves systematically examining potential risks that could affect project objectives. It includes identifying risks, analyzing their likelihood and impact, and evaluating the severity and priority of these risks to inform decision-making.

Risk assessment is a crucial component of overall risk management, as it helps project teams understand the risks they face and to what degree. By conducting a thorough risk assessment, organizations can develop strategies for risk mitigation and ensure that they allocate resources efficiently to monitor and manage risks throughout the project lifecycle.

While risk management encompasses the broader discipline of managing risks across the project, including planning and responses, risk assessment specifically narrows down to the activities related to risk identification, analysis, and evaluation. This targeted focus allows teams to gather insights needed to develop effective strategies, thus emphasizing the importance of understanding risks in the context of project management.