Project risk assessment evaluates threats and opportunities specific to temporary initiatives, considering technical, resource, stakeholder, and external factors throughout the project lifecycle. Teams use techniques like SWOT analysis, risk breakdown structures, and probability-impact matrices to catalog and prioritize risks. Large infrastructure projects often fail due to inadequate risk assessment of scope creep, regulatory approvals, or stakeholder opposition. Quantitative methods like Monte Carlo simulation forecast schedule and cost variability under uncertainty. Regular risk reassessment during project execution enables adaptive management as conditions change.