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Risk Management Plan Overview

A Risk Management Plan outlines the approach, processes, and tools a project team will use to identify, assess, monitor, and respond to risks throughout the project lifecycle. It defines how risks will be categorized, prioritized, and tracked, as well as the roles and responsibilities for risk management. The plan also details mitigation and contingency strategies to minimize potential impacts on scope, schedule, cost, and quality. By providing a structured framework, it ensures proactive risk handling, improves decision-making, and increases the likelihood of project success.