Project Risk Management is the process of identifying, assessing, and prioritizing risks that could impact a project's success. It involves analyzing potential problems that may arise during the project lifecycle and developing strategies to mitigate or avoid these risks. This proactive approach helps ensure that projects stay on track and within budget. Effective Project Risk Management includes continuous monitoring and reviewing of risks throughout the project. By regularly updating risk assessments and response plans, project managers can adapt to new challenges and uncertainties, ultimately leading to better decision-making and improved project outcomes.