The risk management plan communicates the plan that will be used to manage project risks. It describes the procedures to be followed to identify and address new risks and to mitigate and re-evaluate existing risks.
- To list the risks defined as extreme or high
- To categorize the risks by degree of riskiness
- To develop procedures to mitigate these risks
- To define procedures within the project to identify new risks and to re-evaluate existing ones
When do we start a risk management plan?
After the project schedule is completed, we ask what could go wrong and what are we going to do about it?