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

The purpose of a risk response plan in project management is to mitigate identified risks. This plan is a critical component of risk management, which involves identifying, assessing, and prioritizing risks followed by the implementation of strategies aimed at minimizing the impact of those risks on the project.

A risk response plan provides a structured approach for dealing with potential threats or opportunities that could affect the project's objectives. It outlines specific actions that will be taken to address individual risks, assigning responsibilities and defining timelines for these actions. By having such a plan in place, project managers can proactively manage risks, reducing the likelihood of negative impacts on project delivery, costs, or timelines and ensuring that the project remains on track towards its goals.

While tracking project costs, outlining stakeholder roles, and gathering user feedback are important project management activities, they do not directly relate to the specific purpose of mitigating risks.