What is a common risk management process in project management?

In project management, a common risk management process involves identifying potential risks that could impact the project's timeline, budget, or quality. Risk identification is the foundational step in the risk management process because it allows project managers and teams to recognize both internal and external factors that could pose threats or opportunities.

By effectively identifying risks, project managers can then assess their potential impact and likelihood, prioritize them, and develop strategies for managing or mitigating those risks. This proactive approach enables teams to prepare for unforeseen challenges and ensures that risks are documented, monitored, and addressed throughout the project's lifecycle.

The focus on risk identification is essential because, without knowing what risks exist, it would be impossible to implement strategies like avoidance, enhancement, or acceptance effectively. These subsequent strategies rely on the thorough identification of risks to tailor appropriate responses.