Free PMI Project Management Professional (PMP) Practice Question

The Risk Management Plan is a component of the project management plan that describes how risk management activities will be structured and performed. It often includes elements such as risk strategy, explaining the general approach to managing risk; methodology, defining the approaches, tools, and data sources that will be used; roles and responsibilities, making clear who is involved in managing risks; funding, identifying the funds needed for risk management activities; timing, outlining when and how often risk management activities will be conducted; and risk categories, providing a means for grouping individual project risks.