What is project risk management?

Project risk management is a crucial process within the project management framework that involves identifying, analyzing, and controlling risks that could potentially affect the project's success across its lifecycle. This encompasses a systematic approach to prevent, mitigate, or respond to risks that may arise during different phases of the project, ultimately ensuring that project objectives are met.

The essence of project risk management lies in the proactive identification of risks, assessing their potential impact, and developing strategies to minimize their consequences. This enables project teams to navigate uncertainties, allocate resources effectively, and maintain project momentum despite unforeseen challenges. By effectively managing risks, organizations can safeguard their investments and increase the likelihood of achieving their desired outcomes.