What does the term "identified risks" specifically refer to?

The term "identified risks" specifically refers to known risks that can impact the project. These are risks that have been recognized and documented during the risk management process. Identifying risks is a crucial step that involves assessing potential threats that could affect project objectives, timelines, budget, or deliverable quality. By identifying these risks, project teams can prioritize them, develop mitigation strategies, and put plans in place to manage them effectively throughout the project lifecycle.

Recognizing known risks allows for better preparation and response, helping to safeguard the project's success. This proactive approach enables teams to allocate resources appropriately and establish contingencies, making it more likely to achieve project goals despite uncertainties.

The other options are not aligned with the concept of identified risks. Risks that have potential positive outcomes do not fit this definition, as identified risks focus on threats rather than opportunities. Risks that have already been addressed are no longer considered "identified" because they have been managed or mitigated. Lastly, non-quantifiable risks are not specifically categorized as identified; they may be acknowledged but lack the clarity needed for effective risk management.