Which project management activity involves preparing for risks and challenges?

The activity associated with preparing for risks and challenges in project management is indeed planning. During the planning phase, project managers identify potential risks that could impact the project's goals and develop strategies to mitigate these risks. This phase includes setting objectives, defining the scope, and outlining the required resources, timelines, and key milestones.

By thoroughly analyzing and anticipating possible challenges, project managers can create contingency plans to address those risks proactively. This structured approach ensures that the project is better equipped to handle uncertainties and increases the likelihood of project success. Proper planning also involves engaging with stakeholders to understand their concerns and expectations, which further aids in identifying and preparing for potential challenges.

In contrast, activities like resource allocation, tracking progress, and meeting with stakeholders, while crucial aspects of project management, do not focus specifically on the preparation for risks and challenges. Resource allocation pertains to assigning available resources to project tasks, tracking progress involves monitoring the ongoing project activities, and meeting with stakeholders is about communication and engagement rather than strategic risk preparation.