There are many benefits that a project risk management plan offers to other project operations, including but not limited to the following:
1- Determining a comprehensive list of risks within the risk register that may face the project based on the views of all stakeholders in the project.
2- The risk management plan provides an explanation of the terms used to describe risks, allowing participants to develop a common understanding of these terms.
3- Specifies a descriiption of all response strategies for each anticipated risk.
4- Provides essential inputs to all other project operations such as estimating the necessary cash reserves, human competencies and required technical equipment that will be used in response to each risk.
5- The risk management plan also identifies the critical values of each risk and the indicators upon which the response plan for each risk should be activated in line with the scope of work and stakeholder positions.
6- The risk management plan also identifies key quantitative or numerical values required in quantitative analysis or for decision-making in risk response planning or risk monitoring.
Determines the nature of the integrative relationship between projects in the organization with other programs or portfolios.
