Which term refers to the systematic approach to managing potential risks within a condominium project?

The term that specifically refers to the systematic approach to managing potential risks within a condominium project is best represented by "Risk Mitigation." This concept encompasses identifying, analyzing, and responding to risks that could negatively affect project objectives. Risk mitigation strategies may include the development of policies, procedures, and practices to minimize the impact of risks, ensuring that potential threats are managed proactively rather than reactively.

Contingency planning, while important, focuses on developing plans for specific scenarios that might arise during a project, rather than the overarching strategy of managing risk as a whole. Element of risk does not refer to a systematic approach; it simply denotes a component or aspect of risk. Hazard assessment is a process aimed at identifying hazards related to risks but does not fully encapsulate a comprehensive management approach like risk mitigation does. Therefore, risk mitigation is the term that represents the systematic approach most accurately.