The first of the seven processes in Risk Management knowledge area is Plan Risk Management. It falls under the Planning process group
By now you would have a fair idea about the first processes of the Planning Process Group. You need to plan for risks in advance because by the time a risk materializes, its too late to do anything about it. Once materialized the risk becomes an issue. So you need a plan in the beginning of the project itself. But that’s not enough, you keep coming back to do more planning throughout the project to ensure you are staying on top of the risks.
In terms of simple definitions, the plan risk management is the process of defining how to conduct risk management activities for a project
The only output of this process is the Risk Management Plan. It serves as a roadmap for identifying, analyzing and addressing risks on the project. Basically, it tells you how you’re going to handle risk on your project. Some of the most important concepts in Risk Management are actually part of this plan,
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