The significance of risk assessment in technology project management lies in its ability to identify and mitigate potential issues before they escalate. By evaluating risks related to budget, scope, timelines, and technology dependencies, project managers can devise strategies to minimize negative impacts. This proactive approach not only enhances the chances of project success but also promotes efficient resource allocation and stakeholder communication. Regularly updating risk assessments throughout the project lifecycle ensures teams remain agile and responsive to changing circumstances, ultimately fostering a culture of continuous improvement.