PK0-005 Project Management Concepts Practice Question

In which project life cycle phase are project risks identified and a risk management plan created?

Answer choices

Why each option matters

Answer the question above first, then reveal the full breakdown to understand why each option is right or wrong.

Correct answer & explanation

✓

Planning

Risk identification and planning occur during the planning phase.

Answer analysis

For each option: why learners choose it and why it is or isn't the right answer here.

✓
Planning
Why this is correct
Risk identification and creation of the risk management plan occur during planning, where the project manager defines how risks will be identified, analysed, and responded to before execution begins. This satisfies the stem's requirement for the phase producing the risk management plan.
✗
Closing
Why it's wrong here
Closing covers final product transition, contract closure and lessons learned; risk identification and the risk management plan are produced during planning. It is tempting because lessons learned capture realised risks retrospectively, but that is post-project review, not the creation of a forward-looking risk management plan.
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Initiating
Why it's wrong here
Initiating covers authorising the project, defining its charter and identifying stakeholders; the risk management plan and detailed risk identification occur during planning. It is tempting because high-level risks surface in the business case, but the formal plan and risk register are planning artefacts, not initiating outputs.
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Executing
Why it's wrong here
Executing is where the project work is performed and risks are monitored and responded to, not where the risk management plan is created. It is tempting because risk responses happen during execution, but identification and plan creation belong to planning, which precedes the work.

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