# Risk Management Planning

## Basic idea

Produces the *Risk Management Plan* (RMP): a document spelling out methodology, roles, budget, schedule, risk categories, probability/impact rules, tracking process, documentation, and contingency / fall-back plans.

## Key facts

* RMP detail scales with project size — small project, light plan.
* Sections: methodology, roles, budget, categories, probability/impact, tracking, documentation, contingency, fall-back.
* Reviewed and updated through the project lifecycle.
* The output of risk management planning is a Risk Management Plan (RMP) that documents the procedures for managing risks throughout a project.
* The project team should review the RMP and understand and implement the organisation's and sponsor's approaches to risk management.
* The level of detail will vary with the needs of the project

## The Risk Management Plan

* Methodology
* Roles and responsibilities
* Budget and Schedule
* Risk Categories
* Risk probability and impact
* Tracking
* Risk Documentation
* Contingency plans
* Fall-back plans


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