Projects are complex and incorporate many different components and variables. As a result, there are often dozens areas of uncertainty associated with a given project. This is why it is necessary to identify and document potential risks and areas of concern before undertaking the actual project.

In this context, a list of questions that address traditional areas of uncertainty on a project is often termed a risk assessment. A risk assessment is an invaluable tool for confirming that the project is adequately prepared and organized before it begins.

Risk assessments typically include questions such as:

• What are the major objectives of the project?
• What are the risks associated with the project?
• What resources (time, money, personnel) will be required?
• What is the timeline for the project?
• What affected parties need to be consulted and involved?
• What legal/regulatory considerations might apply?
• What quality standards must be met?

These types of questions are designed to help project managers identify risks and areas of uncertainty before they become problems. By properly assessing the project beforehand, potential issues can be addressed and resolved, making the project more likely to be successful.

Risk assessments are not only important for large-scale projects, but for smaller initiatives as well. Even minor projects should not be undertaken without an appropriate risk assessment. A comprehensive risk assessment will help ensure that all of the elements of the project work together cohesively and that all necessary stakeholders are consulted.

Creating a risk assessment is an invaluable step in the project preparation process. It can help confirm that all of the bases are covered before the start of a project and that the project is as likely to succeed as possible. By taking the time to create a comprehensive risk assessment before beginning a project, project managers can save time and resources, and increase the probability of success for the project.