Plan Risk Management is part of the “Risk Management” Knowledge Area, and is part of the “Planning” Process Group.
Plan Risk Management is the process of defining how to conduct risk management activities for a project. The key benefit of this process is it ensures that the degree, type, and visibility of risk management are commensurate with both the risks and the importance of the project to the organization. The risk management plan is vital to communicate with and obtain agreement and support from all stakeholders to ensure the risk management process is supported and performed effectively over the project life cycle.
Careful and explicit planning enhances the probability of success for other risk management processes. Planning is also important to provide sufficient resources and time for risk management activities and to establish an agreedupon basis for evaluating risks. The Plan Risk Management process should begin when a project is conceived and should be completed early during project planning.
This definition was found in the PMBOK V5
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Plan Risk Management has:
Inputs:
- Enterprise Environmental Factors
- Organizational Process Assets
- Project Charter
- Project Management Plan
- Stakeholder register
Outputs:
- Risk Management Plan
Tools and techniques:
- Analytical techniques
- Expert judgment
- Meetings
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