Project risk management involves the systematic process of identifying, analyzing, and managing potential risks that can affect the success of a project. It includes activities such as risk identification, risk assessment, risk response planning, and risk monitoring. The goal of project risk management is to proactively identify and assess risks, prioritize them based on their impact and likelihood, and develop appropriate strategies to mitigate or respond to them. Through effective risk management, project teams can reduce uncertainty, prevent or minimize negative impacts, and increase the likelihood of project success.

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