What does Risk Management primarily involve?

Risk Management primarily involves the identification, assessment, and prioritization of potential risks, as well as the implementation of strategies to minimize the impact of those risks on a project. This process is crucial to ensure that a project can proceed smoothly despite uncertainties that may arise during its lifecycle.

By focusing on protecting the project from potential risks, project managers can devise contingency plans, allocate resources effectively, and make informed decisions that mitigate threats to project objectives. This proactive approach is essential for enhancing the likelihood of project success and maintaining stakeholder confidence.

In contrast, the other options deal with different aspects of project management. Figuring out project costs is important for budget management, ensuring team motivation is key to maintaining productivity and morale, and creating a project timeline is crucial for scheduling and tracking progress. However, they do not directly address the critical need to anticipate and manage risks that could derail a project.