What is a plan called that is used if a foreseen risk event becomes a reality?

A plan that is put into action when a foreseen risk event occurs is known as a contingency plan. Contingency plans are designed to prepare for unexpected situations by outlining specific actions to take if certain risks materialize. They ensure that the project can continue smoothly despite the occurrence of adverse events, thereby minimizing disruption and damage.

This type of plan is proactive in nature, as it anticipates potential risks and establishes a framework for handling them. It is a vital part of risk management in project management, allowing teams to execute prepared responses quickly and effectively.

Other types of plans, while related to risk management, serve different purposes. A risk mitigation plan focuses on reducing the likelihood or impact of a risk, rather than responding to one that has already happened. An emergency response plan is typically more focused on immediate responses to urgent situations, often outside the normal scope of project risks. A recovery plan outlines steps for reinstating operations after a disruption but does not necessarily provide a direct response to a risk event that has taken place.