Western Governors University (WGU) MGMT3400 C722 Project Management Practice Exam

The term that accurately describes the process of formally closing out a project risk is "Risk Closure." This process typically involves finalizing all activities related to the risk, ensuring that any necessary documentation is completed, and confirming that the risk no longer poses a threat to the project. It also includes a review of the risk's impact, any actions taken to manage it, and learning lessons for future projects.

In the context of project management, closing out risks is critical as it helps solidify the learning and closure phases of the project. Effective risk closure ensures that the project team documents what was learned and assesses any outstanding issues related to the risk before officially completing the project.

The other terms, while related to risk management, do not specifically refer to the formal closure of a project risk. Risk mitigation involves developing strategies to reduce the likelihood or impact of a risk but does not signify that the risk is closed. Risk assessment is the process of identifying and analyzing risks, while risk acceptance refers to acknowledging the existence of a risk and deciding to accept the consequences without taking any proactive measures. Therefore, these concepts differ from the formal act of closing a risk.