Risk Assessment in ProjectsIntroduction Risks are a common daily phenomenon and in projects risks also exist. Assessing risks on a project helps ensure the smooth running of the project which will result in its success. In other words, risk assessment helps manage risk. Risk management is a method of controlling the uncertainties of a project, that is to say anything that can prevent the project from achieving its objectives. The goal of risk management is to minimize uncertainties and ensure that the project is delivered on time. Project and risk managers must allocate resources to mitigate these risks with a high probability of occurrence. The gain from using these resources should exceed any consequences of inactivity. A successful Porters Five Forces model is a tool that can be used to assess and manage risks in projects. The supplier power in the model examines how easily suppliers raise prices and the economic factors that might influence this action. Purchasing power is related to the ability of customers to force project owners to lower prices. Competitive rivalry examines the strength of competition and how it can affect project success. The threat of substitution is the likelihood that customers will find another source for the product or a different product that provides the same results as those expected by the project. The threat of new entrants implies new competitors and the development of new projects similar to the current one. After reviewing these strengths, project managers should also develop a detailed list of broader financial, strategic, hazard, and operational risks (Duff, this risk assessment tool provides the ability to review and evaluate interactions competitors in an industry in a structured way (Porter, 1979). In other words, managers are able to compare their project to other projects in the industry and improve them (Grundy, 2006). unique – quick overview of likely risks assessed in terms of likelihood or likelihood of risk and severity of consequences A risk management matrix is ​​the second step in the risk management process, and it follows the first step of creating. a risk assessment form to determine potential risks This helps provide the project team with a quick view of the risks and the priority with which each of these risks should be addressed. Rare Unlikely Possible Likely Almost certain Severe Moderate high Extreme Extreme