Which process involves defining how to conduct risk management activities for a project, including the methodology, roles and responsibilities, budgeting, timing, risk categories, and stakeholder risk appetite?
Monitor Risks
Implement Risk Responses
Plan Risk Management
Identify Risks
The 'Plan Risk Management' process is essential for detailing how risk management will be structured and performed within the project. It sets out the methodology to be used, assigns roles and responsibilities, establishes budgeting for risk management activities, timing when such activities will be performed, determines risk categories for more efficient risk analysis, and takes into account the stakeholders' risk appetite and thresholds. This ensures a systemic approach for managing both individual and overall project risks.
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