What process assesses risks and their likelihood of affecting a project?

The process that assesses risks and their likelihood of affecting a project is known as risk analysis. This step involves evaluating both the potential risks that may arise and the probability of their occurrence. Risk analysis goes beyond just identifying risks; it quantifies the impact and likelihood of these risks, which is crucial for effective project planning and decision-making.

This process typically involves assessing each identified risk to understand how it might affect project outcomes in terms of time, cost, quality, and overall success. By systematically analyzing risks, project managers can prioritize them and develop appropriate mitigation strategies.

Risk identification refers specifically to the process of recognizing and cataloging risks, whereas risk evaluation typically pertains to the broader assessment and prioritization of risks after they've been identified. Risk management encompasses the entire spectrum of risk activities, including identification, analysis, evaluation, and response strategies, but does not specifically focus on assessing risks and their likelihood like risk analysis does.