Risk Assessment Techniques

Risk assessment techniques are methods used to identify, analyze, and prioritize potential problems that could harm a project, organization, or system. They help decision-makers understand the likelihood and impact of risks, enabling informed actions to prevent or mitigate issues. Common techniques include qualitative assessments, which rely on expert judgment to categorize risks as high, medium, or low; quantitative assessments, which use numerical data to measure risk probabilities and impacts; and hybrid approaches combining both. These methods support proactive planning, ensuring resources are focused on the most significant threats while balancing opportunities.