Which process focuses on identifying potential hazards in a project?

The process that focuses on identifying potential hazards in a project is risk assessment. Risk assessment is a systematic approach used to identify and evaluate risks associated with a project or decision. This involves recognizing potential risks, evaluating their likelihood and potential impact, and determining how to mitigate those risks effectively.

This is crucial in project management because understanding risks allows teams to develop strategies to minimize their effect on the project's success. By using a risk assessment process, organizations can proactively address hazards, ensuring a smoother execution of projects and reducing the likelihood of unexpected disruptions.

In contrast, cost-benefit analysis centers on evaluating the economic feasibility of projects by comparing costs to expected benefits, while cost analysis focuses solely on the financial aspects and intricacies of costs. Market research deals with understanding the target audience, market trends, and competitive landscape but does not directly address hazards related to project execution. Therefore, risk assessment is the most suitable process for identifying potential hazards in a project context.