Developing a risk management plan is simply a matter of following the five steps described below. The risk management plan thus becomes a straightforward byproduct of the processes like: 1) Risk Identification 2) Risk Categorization 3) Risk Prioritization Step-1: Creation of a risk categorization table Using different categories, a risk categorization table is constructed. This table is the starting point for identification of specific risks on each project. The project team can use this table to review categories of risk for their project. It also provides the team with a set of factors to consider, and provides slots for them to decide which factors are relevant and what evidence they have. As the organization learns more about its performance it may decide on ways to compare ratings on a given project with its prior history. It may determine total-rating count, or number of risks, or some combination of number and level of impact that predicts project failure or success. Step-2: Ranking of the risks to the project for every category a) Risk factors and areas: Under each category, this column lists category risk factors. b) Low risk evidence (L): This column has characteristics of the risk factor when it can be considered as a low risk to the project. Read the complete article at http://www.softwaretestinggenius.com/articalDetails.php?qry=767