Risk management make a plan and a Risk Management Plan is a document that a project manager prepares to foresee risks, estimates, impacts, and define responses to issues. It also cotains a risk assessment matrix.
A risk is an uncertain event if it occurs, has a negative or positive effect on a project.s objectives.Risk is inherent with any project and project managers should assess risks continually and develope plans to address them. The risk management plan contains an analysis of likely risks with both high and low impact, as well as mitigation strategies to help the project avoid being derailed should common problems arise.
Risk management plan include a risk strategy. Broadly there are four potential strategies, with numerous variations. Project may choose to: