Final answer:
Risks are identified and managed throughout all the phases of a project: initiating, planning, executing, and closing. Therefore correct option is D
Step-by-step explanation:
Risks are typically discovered during all stages of a project: initiating, planning, executing, and closing. During the initiating phase, initial risks are identified as part of the feasibility assessment. In the planning stage, detailed risk analysis and management plans are developed. As the project progresses through the executing phase, new risks can emerge, and existing risks can change, requiring ongoing identification and management. Finally, during the closing stage, risks are reviewed to ensure all have been addressed and to learn lessons for future projects. This comprehensive risk discovery process is integral to effective project management.