Project risk management plan

Since all projects involve some degree of risk, a project risk management plan is necessary to define and document those procedures that will be used to manage risk throughout the life of the project. Risk can be understood as any factor that may potentially interfere with successful completion of the project. Therefore, it follows that by recognizing potential problems the project manager and core team members can avoid most, if not all, of these problems through proper actions.

The procedure used to manage risks is defined in the planning stage, documented in the project risk management plan, and then executed through the life of the project.