What type of projects typically require a detailed risk assessment?

High-budget or high-stakes research projects typically require a detailed risk assessment because they often involve significant financial investments, resources, and potential implications for stakeholders. The larger the budget and the higher the stakes, the more critical it becomes to identify, evaluate, and manage potential risks that could affect the project's success.

In high-budget projects, the magnitude of financial exposure means that even minor risks can lead to substantial financial loss if not appropriately managed. Moreover, the stakes associated with the outcomes of such projects, whether they involve public health, scientific advancements, or technological innovations, can have wide-ranging effects, making it essential to conduct thorough assessments to mitigate those risks.

While fixed timelines, collaborative efforts, or private funding can present their own challenges, the unique aspects of high-budget or high-stakes projects necessitate a more rigorous approach to risk assessment. These assessments help ensure that all potential factors that could derail the project are considered, thereby facilitating better planning and execution.