Which of the following is a component evaluated in a risk management plan?

A risk management plan is a crucial part of project management, particularly in healthcare construction, as it outlines strategies for identifying, analyzing, and responding to risks throughout the project lifecycle. The core components of a risk management plan focus specifically on identifying potential risks and developing strategies to mitigate those risks.

Risk identification involves recognizing risks that could potentially impact the project, while risk mitigation encompasses the strategies formulated to reduce or eliminate the impact of those risks. This systematic approach is essential in ensuring that projects can proceed smoothly and without significant disruptions.

While cost estimation relates to financial planning, stakeholder engagement addresses communication and relationship-building with interested parties, and project availability refers to the logistics of resource allocation, these aspects do not directly pertain to the fundamental processes of managing risk. Therefore, the identification of risks and the establishment of mitigation strategies are the central components evaluated in a risk management plan, making this the definitive selection.