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It can take a little time to do properly but it's definitely time well spent.
I really like the diagram that you have included above. It demonstrates in a very simple way what we are trying to achive.
First, sorry it's taken me so long to reply I've been a little busy recently.
Yes, I find risk assessment a valuable process on all projects to varying degrees.
Often some factors are missed, such as staff holidays, so considering all factors is important.
The diagram above is a very simple diagram that illustrates how easy some risk assessment can be rather than more complex processes that can be daunting.
Thanks for your comment and good luck with your future projects!