Define Risk Management Planning
Risk management planning refers to the procedures utilized by project managers to anticipate the risks associated with a particular decision, estimate its impacts, and define the most appropriate interventions to counter its effects. This process involves the creation of a risk management plan, which is presented as a document to the organizational employees before its implementation. Risk management planning also includes the creation of an assessment matrix that provides insight of the positive and negative impacts of utilizing a particular project application procedure. According to Chance and Brooks (2015), the utilization of risk management plans within organizations augments the ...
