According to the PMBOKGuide, specifically the Plan Risk Management process, the Risk Management Plan is a component of the project management plan that describes how risk management activities will be structured and performed.
* Definitions of Probability and Impact: To ensure consistency and quality of the qualitative risk analysis, the project team must define the levels of probability and impact. These definitions are tailored to the individual project and the organization ' s objectives and are documented in the Risk Management Plan.
* Revised Stakeholder Tolerances: Organizations and stakeholders have different appetites for risk. The Risk Management Plan documents these tolerances (often expressed as risk thresholds) and may be revised specifically for the project to ensure the risk management process is aligned with stakeholder expectations.
* Tracking: This component describes how risk activities will be recorded for the benefit of the current project and how risk management processes will be audited. It ensures that the " lessons learned " regarding risk are captured.
* Other Components: The Risk Management Plan also includes the methodology, roles and responsibilities, budgeting for risk, timing of risk activities, and the Risk Breakdown Structure (RBS).
Comparison with other options:
* A. Cost management plan: This plan defines how project costs will be planned, structured, and controlled. While it may include " contingency " for risks, it does not define the qualitative scales of probability and impact.
* B. Quality management plan: This identifies the quality requirements and/or standards for the project and its deliverables. It focuses on processes and metrics for quality, not risk uncertainty.
* C. Communications management plan: This describes how, when, and by whom information about the project will be administered and distributed. While it may communicate risk status, it does not establish the framework for analyzing risk itself.