Which practice is commonly associated with risk management in project management?

Risk avoidance is a critical practice within risk management in project management because it directly addresses the mitigation of potential threats to the project's success. This practice involves identifying risks before they materialize and taking proactive measures to eliminate or reduce the likelihood of these risks occurring. By focusing on risk avoidance, project managers can effectively protect the project's objectives, ensuring that resources are allocated efficiently and that the project remains on track.

In project management, this approach is especially valuable because it not only enhances the probability of project success but also helps in maintaining stakeholder confidence. Risk avoidance strategies may include changing project plans, altering project requirements, or opting for alternative methods that eliminate specific risks.

While stakeholder analysis, resource leveling, and time estimation are all important components of project management, they do not specifically target the management of risks in the way that risk avoidance does. Stakeholder analysis aims to identify and engage individuals affected by the project; resource leveling focuses on optimizing the allocation of resources over the project timeline, and time estimation involves predicting how long project tasks will take. None of these practices inherently address the process of minimizing risks, making risk avoidance the most relevant choice in the context of risk management.