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R7-3 (Static) All of the following statements... All of the following statements about project risks are true EXCEPT: Mitigating a risk refers to taking action to reduce the likelihood that a risk will happen and/or reduce the impact the risk has on the project. Avoiding a risk means changing the project plan in advance to eliminate the chance of that specific risk occurring. Contingency planning is developing a response once the risk occurs. Retaining a risk means no preventive action is taken. References Worksheet R7-3 (Static) All of the following statements