Risk assessment is essential for identifying and managing risks in construction projects. Explain the principles of risk assessment, including hazard identification, risk analysis, and risk evaluation. Discuss the benefits of risk assessment in construction projects, such as improved decision$-$making, cost savings, and enhanced safety. Additionally, describe the challenges faced in conducting risk assessments, such as data availability, expertise requirements, and uncertainty in risk predictions, highlighting the importance of using systematic and transparent risk assessment methodologies.