What is the purpose of a 'risk management plan' in IT project management?

The purpose of a 'risk management plan' in IT project management is to outline processes for identifying and mitigating risks. This is crucial because every project carries inherent risks that could affect its success. The plan serves as a systematic approach to recognize potential risks early on, assess their impact and likelihood, and develop strategies to reduce or control them. By proactively managing risks, project managers can minimize negative outcomes, ensure the project stays on track, and better achieve project objectives. The focus on identifying, assessing, and planning responses to risks supports overall project stability and enhances the likelihood of project success.