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 agreed- upon basis for evaluating risks.

 

The Plan Risk Management process should begin when a project is conceived and should be completed early during project planning..