Risk evaluation is the process of assessing potential risks that could negatively impact an organization or project. It involves identifying hazards, analyzing their likelihood and potential consequences, and determining the level of risk they pose. This helps organizations prioritize which risks need immediate attention and which can be monitored over time. During risk evaluation, various tools and techniques, such as risk matrices and qualitative assessments, are used to quantify risks. The goal is to provide a clear understanding of risks, enabling informed decision-making and effective risk management strategies to mitigate potential issues.