What is the goal of risk management in project management?

The goal of risk management in project management is to identify and mitigate risks to ensure project success, which aligns with the chosen answer. Effective risk management involves assessing potential risks that could impact the project and developing strategies to minimize their effect or likelihood. By proactively addressing these risks, project managers can enhance decision-making, improve stakeholder communication, and increase the chances of delivering the project on time, within budget, and to the desired quality standards.

Focusing on identification and mitigation helps to create a responsive and adaptive project environment where potential obstacles are anticipated and managed rather than being left unaddressed. This approach contributes not only to the success of the current project but also fosters a culture of continuous improvement for future initiatives.

In contrast, eliminating all risks is not feasible, as some risks may be inherent to the project or industry, and complete risk elimination could lead to missed opportunities for innovation or growth. Shifting the responsibility of risks to stakeholders can lead to mistrust and a lack of accountability, undermining teamwork and collaboration. Simply documenting all potential risks without action does not contribute to proactive management or resolution of those risks, negating the value of risk management altogether.