What should be included in a Risk Management Plan?

Including all identified risks and response strategies in a Risk Management Plan is crucial because it provides a comprehensive overview of potential challenges that could affect the project. This aspect of the plan ensures that all possible risks are assessed and documented, allowing the team to develop appropriate response strategies. This proactive approach helps in mitigating risks before they materialize, thereby contributing to the overall success of the project.

A well-structured Risk Management Plan facilitates better decision-making and prioritization of resources by ensuring that all stakeholders are aware of potential risks. It serves as a reference point throughout the project lifecycle, allowing teams to monitor the status of identified risks and adjust their response strategies as necessary. Involving this detailed information fosters a culture of risk awareness and encourages proactive management practices within the organization.

The other choices do not encompass the essential elements necessary for effectively managing risks, focusing instead on isolated components that lack the holistic approach needed for comprehensive risk management.