Which Practice Area is focused on assessing and managing project risks to achieve desired outcomes?

The Practice Area that focuses on assessing and managing project risks to achieve desired outcomes is centered around risk and opportunity management. This area is essential because it involves identifying potential risks that could hinder the achievement of project objectives and creating strategies to mitigate these risks.

By actively managing risks, organizations can not only prevent negative impacts on their projects but can also seize opportunities that arise from understanding the project's environment. This practice area ensures that teams can calculate the likelihood and potential impact of risks, prioritize them accordingly, and create a proactive plan to address or leverage them.

In contrast, the other areas mentioned, such as cost management, project scheduling, and resource allocation, primarily focus on specific aspects of project management but do not encapsulate the comprehensive approach to risk assessment and management. Each of these areas plays a role in the overall management of a project, yet they do not directly encompass the evaluation and strategic handling of uncertainties that risk and opportunity management specifically addresses.