The purpose of the Plan Risk Management process is to create a risk management plan, which describes how you will define, monitor, and control risks throughout the project. The risk management plan is a subsidiary of the project management plan, and it's the only output of this process.
The risk management plan details how risk management processes (including Identify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses, and Monitor and Control Risks) will be implemented, monitored, and controlled throughout the life of the project. It details how you will manage risks but does not attempt to define responses to individual risks.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.