Create a Risk Plan

When should I create a Risk Plan?

A Risk Plan will be created in the project planning phase of the project management life cycle. The plan will comprise of a set of predefined risks identified during the initiation phase of the project. Each of those risks will be quantified in the likelihood of them occurring, and the impact they will have on the project. The risk plan will describe the actions required to mitigate each risk and a process will be put in place to ensure that those risks are mitigated accordingly

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