Risk Assessment in Projects Introduction Risks are a common everyday phenomenon and they also exist in projects. Assessing the risks of a project helps ensure a good flow of the project which will result in its success. In other words, risk assessment helps manage risk. Risk management is a method of controlling a project's uncertainties, that is, anything that can prevent the project from achieving its objectives. The purpose of risk management is to minimize uncertainties and ensure that the project is delivered on time. Project managers and risk managers must allocate resources to mitigate risks with a high probability of occurrence. The gain from using these resources should outweigh any consequences of inactivity. A Porters Five Forces Success Model is a tool that can be used to assess and manage risks in projects. Supplier power in the model examines how easy it is for suppliers to raise prices and what factors in the economy might influence that action. Buyer power refers to the ability of the customer base to force project owners to lower prices. Competitive rivalry examines the strength of the competition and how they can influence the success of the project. The threat of substitution is the likelihood that customers will find another source for the product or a different product that delivers the same project-intended results. The threat of new entries involves new competitors and the development of new projects similar to the current one. After examining these forces, project managers must also make a detailed list of broader financial, strategic, hazard and operational risks (Duff, this risk assessment tool provides the opportunity to examine and evaluate complex interactions of competitors in an industry in a structured way (Porter, 1979), managers are able to compare their project with other projects in the industry and are able to improve them (Grundy, 2006). assessed in terms of probability or probability of risk and severity of consequences A risk management matrix is ​​the second step in the risk management process and follows the first step of filling out a risk assessment form to determine potential risks Helps to further provide the project team with a quick view of the risks and the priority with which each of these risks must be managed. Rare Unlikely Possible Probable Almost certain Severe Medium high Extreme Extreme