Final answer:
The correct term for the action of recognizing and managing potential and unforeseen issues in a project implementation is 'contingency planning'. This involves the acknowledgement and strategic planning for risks, thus ensuring preparedness for potential emergencies.
Step-by-step explanation:
The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as contingency planning. Contingency planning involves understanding potential risks, developing scenarios to handle those risks, and creating action plans to manage the consequences should the risks materialize. An important aspect of effective contingency planning is the recognition and acknowledgement of risks, even those that are uncomfortable to discuss. This process goes beyond mere recognition; it also includes the formulation of strategies to mitigate risks - a proactive approach akin to having an emergency 'break glass in case of emergency' plan.
Risk management is closely related and might seem like a suitable answer; however, it is a broader concept that encompasses the identification, analysis, and response to risk factors throughout the life of a project. It involves continuously monitoring the project to ensure risks are correctly identified and managed.