The initiation phase typically involves the highest level of uncertainty and risk in the project life cycle. This is because:<br><br>1. Limited information: At the beginning of a project, there's often limited information available about the project's scope, requirements, and potential challenges.<br><br>2. Undefined parameters: Many project parameters, such as budget, timeline, and resources, are not yet fully defined or secured.<br><br>3. Stakeholder alignment: Stakeholders may have different expectations or conflicting interests that haven't been fully addressed.<br><br>4. Lack of detailed planning: Comprehensive risk assessments and mitigation strategies haven't been developed yet.<br><br>The other options are less correct because:<br><br>Planning phase: While risks are identified and assessed, the level of uncertainty is generally lower than in the initiation phase as more information becomes available.<br><br>Execution phase: By this stage, many risks have been identified and mitigation plans are in place. Continuous monitoring helps manage ongoing risks.<br><br>Closing phase: This phase typically has the lowest level of uncertainty as most project work is complete and final deliverables are being reviewed.