It consists of the main phases: identification, assessment and analysis, and response (Smith et al. 2006) as shown in Figure2- 3. All steps in RMP should be included when dealing with risks, in order to efficiently implement the process in the project.
There are many variations of RMP available in literature, but most commonly described frameworks consist of those mentioned steps. In some models there is one more step added, and the majority of sources identify it as risk monitoring or review. For the purpose of this paper the model of RMP described by Smith et al. (2006) will be used for further analysis and will be further explained in the following section