Process Definition

The risk management plan is the process of identifying and defining how the project management team will identify, and address risk.  Planning, identifying, analyzing, response planning, and controlling risk are all essential elements within an effective risk management plan. 

Figure 21. Plan Risk Management: Inputs, Tools and Techniques, and Outputs. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide), 5th Edition" by Project Management Institute, 2013, p. 313. Copyright 2013 by Project Management Institute, Inc. Reprinted without permission.

Process Assessment 

This process lays the foundation for how a project team will deal with risk.  A proactive, rather than reactive plan, will help ensure risk is discussed, identified, and planned for before risk occurrence.  Failure to properly consider risk, in any project, invites cost overrun, scheduled slippage, material delays, and ultimately project failure.

ARTIFACTS

1. Organizational Process Assets: This PMGT 613 PM Crosstalk took on the topic of the importance of organizational assets and risk, as an input to the Plan Risk Management Process.
2. Expert Judgement: This PMGT 613 Project Management Organization (PMO) Blog analyzes how a PMO gains value by documenting risk, as a technique used in the Plan Risk Management Process, and how personal experience, in documenting risk, plays a role as well.
3. Kitchen Remodel Risk Management Plan:  This PMGT 613 Group assignment reflects the risk management plan as an output to the Plan Risk Management Process.