A Risk Management Plan is one that defines the Risks
associated with a Software Project. The Risk Management Plan is a document that
is prepared should incorporate a schedule for mitigating the risks that have
been identified in the SDLC process. It should be able to foresee the risks,
analyze them, quantify the impact of the risks and create response plans to
mitigate these risks involved in SDLC processes.
A typical Risk Management Plan comprises of the following.
Risk Management Approaches – The methodology and the tools that
would be used
Roles and Responsibilities definition of the team members of the
Risk Assessment – Risk Identification, Risk Analysis and Response
Defined Timelines to address the identified risks
Risk Monitoring or tracking
Risk Reporting or Risk Communication