What are the key components of a risk management plan?
- Project scope, schedule, budget, and quality management.
- Resource allocation, procurement strategy, and vendor management.
- Risk identification, risk analysis, risk response planning, and risk monitoring and control.
- Stakeholder engagement, communication plan, and change management strategy.
A risk management plan typically includes four key components: risk identification, risk analysis, risk response planning, and risk monitoring and control. Risk identification involves identifying potential risks that may affect the project objectives. Risk analysis assesses the probability and impact of identified risks to prioritize them for response planning. Risk response planning involves developing strategies to address and mitigate identified risks. Finally, risk monitoring and control involve tracking identified risks throughout the project lifecycle, implementing response plans, and adjusting strategies as necessary.
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