Risk AssessmentRisk Management
Risk assessment and risk management involve the identification, evaluation, and prioritization of potential risks followed by the coordinated application of resources to minimize, control, and monitor the impact of these risks. This process includes analyzing potential threats or opportunities, assessing the likelihood of occurrence, and determining the potential consequences. Strategies are then developed to mitigate these risks and create contingency plans in order to reduce any adverse effects on an organization or project. Risk assessment and risk management are essential components of effective decision-making and planning in both business and project management contexts.