What is a "risk assessment" in project management?

A "risk assessment" in project management involves the identification and evaluation of potential risks that could impact a project's success. This process is critical in understanding the uncertainties that may arise throughout the project lifecycle. By systematically identifying risks, project managers can assess the likelihood and potential impact of these risks on project objectives, which allows for planning appropriate responses to mitigate or manage them effectively. This proactive approach enhances the likelihood of achieving project goals by minimizing the effects of adverse events.

The other options do not accurately represent the concept of risk assessment. For example, gauging team morale does not address risks in terms of project objectives and outcomes. Similarly, analyzing costs versus benefits relates more to project evaluation rather than the identification of potential threats. Lastly, methods for increasing project timelines focus on scheduling and efficiency rather than managing uncertainties that could derail a project.