International Project Management Association (IPMA) Practice Exam

Identifying project risks is an essential step in the risk management process but does not directly mitigate risks. It is a foundational activity that involves recognizing potential risks that could impact the project. While identifying risks is crucial for risk awareness, it does not reduce the likelihood of the risks occurring or lessen their impact if they do occur.

In contrast, revising scope, obtaining insurance against loss, and developing contingency plans are all proactive strategies aimed at mitigating risks. Revising scope can limit risks by adjusting project boundaries or deliverables to decrease exposure to potential pitfalls. Obtaining insurance provides a financial backup in the event of loss, thus transferring some of the risk away from the project. Developing contingency plans prepares the project team to effectively respond should a risk materialize, thereby minimizing its impact on the project. These actions are focused on addressing and reducing risks, making them effective risk mitigation approaches.