What is the function of 'Risk Assessment' in project management?

The function of 'Risk Assessment' in project management revolves around identifying and evaluating potential risks that could affect the project's success. This involves a systematic process of determining what risks exist, their potential impact on project objectives, and the likelihood of their occurrence. By understanding these risks, project managers can devise strategies to mitigate or manage them effectively, ensuring that the project can proceed with greater confidence and stability.

Effective risk assessment allows project teams to prioritize risks based on their significance and to implement proactive measures to minimize negative impacts. With a firm grasp on potential risks, teams can make informed decisions, adapt strategies, and allocate resources more judiciously in response to the identified threats. This focus on risk not only safeguards the project timeline and budget but also enhances overall project quality and stakeholder satisfaction.