Risk Management Plan
A risk is an ‘‘uncertain event or condition that, if it occurs, has an effect on at least one project objective’’ (scope, schedule, or budget). (See A Guide to the Project Management Body of Knowledge (PMBOK_ Guide), p. 275.
The risk management plan, evolving throughout the planning process, incorporates
(1) risk identification;
(2) qualitative and quantitative assessments;
(3) strategies for prevention, detection, and mitigation of loss; and
(4) recovery and restoration of functions.
Risk management plan
A plan that documents the procedures that will be used to manage risk throughout the project.
The output of a risk management plan includes:
• Possible risks, potential causes, and how they may affect the project.
• Prioritized list of project risks, their owners, and planned responses.
• Warning signs of a possible risk occurrence.
• Secondary risks that may arise from the response to a risk event.