Which project management knowledge area deals with identifying and managing risks?

The knowledge area that specifically deals with identifying and managing risks is Risk Management. This area focuses on the processes involved in planning, identifying, analyzing, responding to, and monitoring project risks throughout the project lifecycle. Risk Management is crucial because it helps project managers foresee potential issues that could impact project objectives and allows them to develop strategies to mitigate those risks, ensuring smoother project execution and higher chances of project success.

In contrast, Stakeholder Management is concerned with engaging and managing relationships with all parties involved or affected by the project. Procurement Management deals with acquiring goods and services necessary for the project from external sources, while Communication Management focuses on ensuring effective information dissemination among project stakeholders. Each of these areas has its own distinct objectives and processes, but none are centered on risk identification and management like Risk Management.