When should the risk management plan be completed?

A risk management plan is a crucial component of project planning and should be established before any project proposal is submitted. By developing this plan beforehand, a project manager can identify potential risks associated with the project, assess their impact, and devise strategies to mitigate them. This proactive approach not only helps in formulating a comprehensive project strategy but also enables the company to present a well-informed proposal to stakeholders or clients, showcasing the organization's preparedness and risk awareness.

Creating the risk management plan at this early stage allows for more effective decision-making and resource allocation, ensuring that the project's objectives can be achieved within the defined scope, budget, and timeline. It establishes a foundation for ongoing risk assessment and management throughout the project lifecycle, rather than waiting until the project is already underway or completed.