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Identifying risks effectively during the project planning phase is critical to the overall success of any project. Utilizing brainstorming and expert judgment techniques plays a significant role in this process. Brainstorming encourages a collaborative environment where team members can freely share their ideas and concerns about potential risks, leading to a more comprehensive identification of issues that might not be immediately obvious.

Moreover, expert judgment leverages the knowledge and experience of individuals who have dealt with risks in similar projects before. These experts can provide insights based on historical data, industry standards, and best practices, which can help anticipate risks that might otherwise be overlooked. This combination of collaborative discussion and expert insight ensures that a wide array of potential risks is considered, providing a solid foundation for effective risk management throughout the project lifecycle.

While managing stakeholder expectations is important for project success, it doesn't directly contribute to the identification of risks. Documenting known risks only limits the perspective on the variety of risks that could be encountered, and requiring equal contribution from every team member might not yield the same breadth of insights, as not all members will have the same level of experience or expertise. Thus, the use of brainstorming and expert judgment techniques stands out as the most effective method to identify risks during project planning.