This plan describes how risk management will be structured
and performed on the project. It also becomes a subset of the Project Management
Plan. It includes the following.
Methodology: Defines the approaches, tools and data sources
that may be used to perform risk management on the project.
Roles and Responsibilities. Defines the lead, support and
risk management team membership for each type of activity in the risk
management plan and then assigns people to these roles and clarifies their
Budgeting: Assigns resources and estimates costs needed for
risk management for inclusion in the project cost baseline.
Timing: Defines when and how often the risk management
process will be performed throughout the project life cycle and establishes
risk management activities to be included in the project schedule.
Risk Categories: Provides a structure that ensures a
comprehensive process of systematically identifying risk to a consistent level
of detail and contributes to the effectiveness and quality of Risk
Identification. A risk breakdown structure is one approach to providing such a
Definitions of Risk Probability and Impact: The quality and credibility
of the Risk Analysis process requires that different levels of the risk
probabilities and impacts be defined. General definitions and probability
levels and impact levels are tailored to the individual project during the Risk
Management Planning process for use in the Qualitative Risk analysis process.
Revised Stakeholders Tolerance: Stakeholders tolerance may
be revised in the risk management planning process as they apply to the
Reporting Formats: Describes the content and format of the
risk register as well as any other risk reports required. Delivers how the
outcomes of risk management processes will be documented, analyzed and
Tracking: Documents whether and how risk management
processes will be audited.