The Risk Management Plan defines how to handle project risk and includes risk identification, risk analysis, risk response, and controlling overall project risk. The overall goal and objective is to increase the likelihood of impacting positive events and decreasing the likelihood of negative effects. It is used throughout the project lifecycle to manage risk by identifying, planning, qualifying, quantifying, responding, and controlling project risk. It’s main purpose is to approach and execute project risk management activities for the entire project with the overall goal and objective to increase the likelihood of impacting positive events and decreasing the likelihood of negative events. Project risk is an uncertain event or condition that will have either a positive or negative effect on the project such as scope, schedule, cost, and quality if they occur.
