International Project Management Association (IPMA) Practice Exam

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Which approach helps identify potential risks in a project?

Regular team meetings
Review of historical data from past projects
Cost-benefit analysis
Stakeholder engagement sessions

The correct answer is: Review of historical data from past projects

Reviewing historical data from past projects is a highly effective approach for identifying potential risks in a new project. This method allows project managers and teams to analyze previous experiences, focusing on what went wrong or right, and understanding the factors that contributed to those outcomes. By studying completed projects, you can identify patterns and recurring issues that may arise in similar circumstances. This insight helps in constructing a comprehensive risk management plan, which can significantly enhance the project's chances for success. In comparison to other options, regular team meetings may facilitate general project communication and collaboration but may not specifically target risk identification. Cost-benefit analysis focuses on financial aspects and project viability rather than isolating potential risks. Stakeholder engagement sessions are important for understanding stakeholder needs and expectations but might not directly uncover risks unless specific questions are asked regarding past experiences and challenges. Thus, reviewing historical data stands out as a focused and data-driven method for proactively addressing potential project risks.