Risk assessment evaluates the probability and impact of potential risks, helping prioritize them for mitigation.
Risk management aims to identify, assess, and mitigate potential project risks to minimize their impact on project objectives.
Risk mitigation involves implementing actions to reduce the probability or impact of a risk before it occurs.
Risk transfer shifts the financial or operational impact of a risk to another entity, such as through insurance or outsourcing.
A risk register is a key tool used to document identified risks, their impact, mitigation strategies, and assigned responsibilities.
A contingency plan outlines specific actions to take if identified risks materialize, ensuring preparedness and minimizing disruption.
