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A. identify various risks and implement actions to mitigate their potential impact
B. cover all project risks by buying appropriate insurance
C. eliminate all known risks prior to the execution phase of the project
D. ignore the risks, since nothing can be done about them and move forward with the project in an expeditious manner.
E. avoid projects with clear and present risks
Option A is the best course of action. Including identification of risk, Analysis of risk by preparing risk matrix and mapping the risk on it, evaluation and identification of actions to mitigate it. Then make action plan along with time line as per the above study.
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