What is the process called that involves evaluating the project and recognizing possible risks related to scope, cost, and schedule?

What is the process called that involves evaluating the project and recognizing possible risks related to scope, cost, and schedule?

• A. Risk Identification
• B. Risk Assessment
• C. Risk Mitigation
• D. Risk Management

Answer: (A)

Recognizing potential threats to the project is risk identification. This step focuses on spotting and documenting events or conditions that could affect scope, cost, or schedule, and it lays the groundwork for later analysis and response planning. After risks are identified, you move on to risk assessment to evaluate their probability and impact and prioritize them. Mitigation comes next as you develop actions to reduce or eliminate these risks, and risk management is the overall process that covers identification, analysis, response, and monitoring. Since the question emphasizes noticing what could go wrong rather than measuring how likely or costly it is, identifying risks is the best fit.

Recognizing potential threats to the project is risk identification. This step focuses on spotting and documenting events or conditions that could affect scope, cost, or schedule, and it lays the groundwork for later analysis and response planning. After risks are identified, you move on to risk assessment to evaluate their probability and impact and prioritize them. Mitigation comes next as you develop actions to reduce or eliminate these risks, and risk management is the overall process that covers identification, analysis, response, and monitoring. Since the question emphasizes noticing what could go wrong rather than measuring how likely or costly it is, identifying risks is the best fit.