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Certified Associate in Project Management · PMI
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The project team begins identifying risks during the Planning phase of the project management process. Risk identification is an ongoing process, but it's typically initiated and formalized during the planning stage. This allows the team to anticipate potential problems and create strategies for addressing them throughout the project lifecycle.
The answer is B. You also need in-depth risk identification sessions at specific critical points in project planning where you take a broader look at the project as a whole
Refer to PMBOK page 25 - under process group 'Planning' risk is started @ knowledge area Project Risk Management.