Risks can occur at any point in a project's lifecycle; the risks that are encountered early on in the project are often different from those that can be encountered at later stages of the project. However, in general, risk events that occur (or are discovered) later in the project's lifecyle tend to have a greater impact on the project than those that occur earlier in the project's lifecycle. Which of the following statements is not a valid potential explanation for this observation? Less available time When risk events occur early in the project, the project manager has time to study the issue and develop 'work-arounds' or 'fixes' to the issue. However, less time exists for the project manager to develop a response to a risk if it occurs later in the project. Less available resources The project commits resources as it moves along; once those resources are committed, they are often used up and are not available in future phases of the project. If a risk event occurs later in a project, often the project manager is left with very few resource options remaining that can be utilized to overcome the issue. Cumulative investment If a risk occurs that makes a project unfeasible early in its lifecycle, then the risk may impact only a minimal investiment. However, if a risk occurs that make a project unfeasible in the later stages of a project's lifecycle, then the risk could have considerably more impact on the project, as much more time, effort and money have been invested in the project. Lack of opportunity At the start of most projects, there simply are not a lot of risk events that need to be planned for or that can occur. Risks naturally happen only in the later stages of a project that's why when they happen they have their greatest impact near the end of the project