Which technique is commonly used for risk management in projects?

The Risk Management Plan is a crucial component of project management that specifically focuses on the identification, assessment, and response to potential risks that can affect a project's success. This plan outlines how risks will be managed throughout the project lifecycle, detailing the processes for risk identification, risk analysis, response planning, and risk monitoring and control.

Having a Risk Management Plan is essential as it allows project managers and teams to proactively address uncertainties that could derail project objectives. It ensures that risks are documented, stakeholders are informed, and strategies are in place to mitigate negative impacts or capitalize on opportunities.

In contrast, other techniques like Stakeholder Analysis or SWOT Analysis are important in their own right but do not directly focus exclusively on risk management. While these tools can contribute to understanding the project environment and strategic positioning, they do not encapsulate the comprehensive approach to managing risks as explicitly outlined in the Risk Management Plan. The Project Charter, while vital for project initiation and defining scope, does not delve deeply into the specifics of risk management either.