Which tool is commonly used to identify project risks?

SWOT analysis is a strategic planning tool that helps project managers identify Strengths, Weaknesses, Opportunities, and Threats related to a project. By utilizing this framework, teams can effectively evaluate internal and external factors that might impact the project. The identification of threats is particularly relevant for recognizing potential risks that could hinder project success.

The strengths and weaknesses pertain to internal factors, while opportunities and threats focus on the external environment. This comprehensive evaluation allows project teams to strategically mitigate risks and enhance their project's chances of success. In contrast, other options like PERT analysis, Gantt charts, and Fishbone diagrams serve different purposes such as scheduling, planning, and analyzing root causes of problems, respectively. Thus, the versatility and purpose of SWOT analysis make it a vital tool for project risk identification.