How does risk assessment differ from risk management?
- Risk assessment evaluates potential risks and their impacts, while risk management involves implementing strategies to mitigate or control those risks.
- Risk assessment is focused on identifying risks, while risk management involves avoiding risks altogether.
- Risk assessment only considers external factors, while risk management focuses on internal factors.
- Risk assessment is a one-time process, while risk management is ongoing throughout the project lifecycle.
Risk assessment involves identifying, analyzing, and prioritizing potential risks, whereas risk management involves taking steps to mitigate or control those risks. While risk assessment is a crucial initial step, risk management ensures that risks are actively monitored and addressed throughout the project lifecycle.
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