The expected outcome of developing the risk management plan is to define how risk management activities will be executed throughout the project. This includes the processes, tools, and techniques that will be used to identify, assess, and manage risks.
The risk management plan is a document that describes how risk management activities will be structured and performed throughout the project. It provides guidance on how to identify, analyze, respond, monitor, and control risks, as well as how to communicate, document, and report them. The risk management plan also defines the roles and responsibilities of the project team and stakeholders in risk management, the risk categories and breakdown structure, the risk thresholds and appetite, the risk management tools and techniques, and the risk management budget and schedule. The risk management plan is an output of the plan risk management process, which is the first process in the project risk management knowledge area.
Developing the risk management plan is essential for ensuring that the project risks are closely managed and aligned with the project objectives and stakeholder expectations. References: PMI, Project Risk Management, 2nd edition, 2019, p. 67-681