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Project Management & Agile · Foundational

Risk Management Plan

Component of the project management plan describing how risk management activities will be structured and performed.

Definition

It includes risk strategy, methodology, roles, funding, timing, risk categories (often a risk breakdown structure), stakeholder risk appetite, definitions of probability and impact, the probability and impact matrix, and reporting formats.

Example

The plan defines 'high impact' as a schedule delay over 4 weeks or cost over $100k.

Exam tip

Probability and impact definitions live in the risk management plan, not the risk register.

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