Description

During the Plan Stage, the project team identifies all significant project risks known during the planning stage and determines the likelihood, impact, and response strategy associated with each risk. Additionally, the team identifies processes and roles to control risks during the Execute and Control Stage of the project. Results are documented in the Risk Management Plan and Risk Register.

Rationale/Purpose

Factors that cause a risk to be realized may occur throughout the project life cycle. A Risk Management Plan helps assure satisfactory project results by specifying a process to follow during the Execute and Control Stage for detecting the occurrence of these factors and for responding to the resulting realized risks.

Who is involved

Project Manager
Project Team
Project Sponsor
Customer
Project Stakeholders

Result

• Risk Management Plan component of the Project Plan
• Risk Register